Fitch gives EnLink Midstream notes BB+

Fitch Ratings said it assigned BB+/RR4 ratings to EnLink Midstream, LLC’s (ENLC) proposed senior unsecured notes.

“ENLC’s long-term (LT) issuer default rating (IDR) and senior unsecured rating are reflective of ENLC’s 100% common units ownership of EnLink Midstream Partners, LP (ENLK; BB+/negative). ENLC is the parent of ENLK. The ratings are also based on the debt guarantees (not cross-guarantees) that are in place between ENLK and ENLC for ENLC’s senior unsecured debt.

The proceeds are expected to be used to partially repay the $850 million term loan that is due next December.

The outlook remains negative.

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