Moody's eyes Rattler for upgrade

Moody's Investors Service said it placed Rattler Midstream LP's ratings on review for upgrade, including the company's Ba2 corporate family rating and Ba3 senior unsecured notes rating.

The review follows investment-grade Diamondback Energy, Inc. agreeing to acquire the common units it does not already own. Diamondback owned 74% of Rattler's public limited partnership units and the 100% controlling general partnership interest before this announcement, the agency said.

"The proposed transaction is credit enhancing for Rattler's bondholders, given Diamondback's much stronger credit profile," said Sajjad Alam, a Moody's vice president, in a press release.

Before the decision to review, Rattler’s outlook was stable.

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