Fitch raises Medallion loan

Fitch Ratings said it raised Medallion Midland Acquisition, LP’s senior secured term loan due 2028 to BB/RR2 from BB-/RR3. The agency also affirmed the issuer default rating for Medallion Midland and Medallion Gathering & Processing, LLC (collectively, Medallion) at B+.

“The term loan rating upgrade is based on the continuous debt reduction and an increase in Medallion's going-concern EBITDA assumption, reflecting a stronger operational profile,” Fitch said in a press release.

The agency noted Medallion cut its Fitch-defined leverage to 4.2x in 2022 from 6.6x in 2019 and posted double-digit growth in adjusted EBITDA for the fifth straight year

The outlook is stable.

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