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Moody's eyes BCP Raptors for upgrade
Moody's Investors Service said it placed all ratings its BCP Raptor, LLC and BCP Raptor II, LLC on review for upgrade, including their respective B2 corporate family ratings.
The announcement Thursday by Altus Midstream Co. to combine Altus with BCP Raptor Holdco LP, the owner of BCP Raptor and BCP Raptor II, prompted the review, the agency said.
"The combination of BCP Holdco's assets with Altus' assets will result in a company with significantly enhanced size and meaningful cash flow quality improvement due to firm transportation contracted revenues from Altus' long-haul pipelines ownership," commented Sreedhar Kona, a Moody's senior analyst, in a press release.
"Our review will focus on the combined company's pro forma capital structure, debt burden and corporate governance," Kona said.
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