Moody’s applies Ba1 to EnLink notes

Moody's Investors Service said it assigned a Ba1 rating to EnLink Midstream Partners, LP's proposed $500 million senior unsecured notes.

Proceeds will be used to repay outstanding borrowings under the company's revolving credit facility and partially fund the June 1 redemption of its 7 1/8% senior unsecured notes due 2022.

EnLink's Ba1 corporate family rating, Ba1-PD probability of default rating, existing Ba1 senior unsecured notes ratings and SGL-3 speculative grade liquidity rating are unaffected.

The outlook is stable.

"EnLink is coming to market to boost its liquidity and extend maturities while taking advantage of relatively low interest rates," Moody's vice president Amol Joshi said in a news release.

"Our underlying views on EnLink reflected in our 21 April 2017 rating action remain unchanged."

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