S&P affirms Azure Midstream

S&P said it affirmed its CCC+ corporate credit and senior secured issue-level ratings on Azure Midstream Energy LLC. The outlook is negative.

The 3 recovery rating is unchanged and reflects S&P’s expectation for meaningful (upper half of the 30%-50% range) recovery in the event of a payment default.

Partners and its subsidiaries filed for Chapter 11 bankruptcy on Jan. 30. Though the group credit profile for the Azure enterprise has deteriorated, the Chapter 11 filing does not affect the ratings on Azure Midstream Energy LLC, S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.