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S&P revises CNX Midstream view to negative
S&P said it revised its outlook on CNX Resources Corp., the parent and general partner of CNX Midstream Partners LP (CNXM), to negative due to lower commodity prices.
Therefore, S&P said it is affirming its BB- issuer credit rating on CNXM and is revising the outlook to negative from stable.
The BB- issue-level rating on the company’s debt remains unchanged. However, S&P said it is revising the recovery rating to 3 from 4 to indicate an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in a payment default scenario.
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