Moody’s lifts EnLink Midstream

Moody's Investors Service upgraded EnLink Midstream, LLC's corporate family rating to Ba1 from Ba2, probability of default rating to Ba1-PD from Ba2-PD and senior unsecured notes rating to Ba1 from Ba2.

The speculative grade liquidity rating remains SGL-2.

Moody's also upgraded subsidiary EnLink Midstream Partners, LP's senior unsecured notes rating to Ba1 from Ba2 and perpetual preferred units rating to Ba3 from B1.

The outlooks are stable.

Concurrently, Moody's upgraded GIP III Stetson I, LP's corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and the senior secured term loan rating to B2 from B3.

The term loan borrowers are GIP III Stetson I and GIP III Stetson II, LP.

"EnLink's upgrade reflects its improving leverage and track record of robust operating cash flow, as well as reduced volumetric risk due to stabilized E&P capital spending amid higher commodity prices," Amol Joshi, Moody's vice president and senior credit officer, said in a news release.

"The upgrade of GIP III Stetson I, which owns controlling interests in EnLink, reflects the entity benefitting from higher EnLink distributions even though its stand-alone leverage remains high."

© 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.