Moody's rates First Reserve loan Caa1

Moody's Investors Service said it assigned a B2 corporate family rating to First Reserve Crestwood Holdings LLC, along with a Caa1 rating to its proposed $180 million secured term loan.

The outlook is stable.

The ratings are subject to a review of final documents.

The ratings are supported by Crestwood's high proportion of fee based revenues, experienced management team and a supportive sponsor, Moody's said.

The ratings are constrained by the company's geographic and customer concentration and elevated leverage metrics, the agency said.

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