S&P trims Medallion Gathering

S&P said it lowered its issuer credit rating on Medallion Gathering & Processing LLC to B- from B and lowered the issue-level rating on the company's term loan to B- from B+.

S&P also revised the recovery rating on the debt to 3 from 2, indicating an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of default.

The outlook is negative.

“The downgrade follows the downward revision of our commodity price deck, which we expect will cause Medallion to have lower adjusted EBITDA and volume flow levels than we previously forecast,” S&P said in a news release.

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