S&P ups Traverse Midstream

S&P said it raised its ratings on Traverse Midstream Partners LLC and its term loan to B+ from B. The 3 recovery rating on the term loan is unchanged, indicating meaningful recovery (50%-70%; rounded estimate: 50%) in default.

“Due to an improvement in natural gas prices and increased volume flows on the Rover Pipeline and Ohio River System over the past several quarters, Traverse has benefitted from increased distributions. Therefore, our EBITDA expectations have improved, and we now forecast S&P Global Ratings-adjusted leverage of approximately 7x in 2022, trending toward 6.5x in 2023,” the agency said in a press release.

The outlook is stable.

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