S&P lowers Rockpoint Gas

S&P said it downgraded Rockpoint Gas Storage Partners LP and its issue-level rating on the senior secured debt of the company’s subsidiary, Rockpoint Gas Storage Canada Ltd., to B from B+. The 4 recovery rating on the debt is unchanged.

“S&P Global Ratings revised its forecast on Rockpoint to reflect increased weakness in the company’s credit metrics. We are now forecasting debt-to-EBITDA of over 6.5x, compared with less than 6x in our previous forecast. This leverage remains above the level we consider commensurate with a B+ rated midstream company,” S&P said in a press release.

The outlook is stable.

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