S&P cuts Rockpoint Gas Storage

S&P said it lowered its issuer credit rating on Rockpoint Gas Storage Partners LP to B+ from BB-. The agency also lowered the issue-level rating on the senior secured debt of its subsidiary, Rockpoint Gas Storage Canada Ltd. to B+ from BB-. The 4 recovery rating on the debt is unchanged.

S&P revised its Rockpoint forecasts to reflect weaker forecast financial metrics. “We are forecasting debt-to-EBITDA of close to 6x, compared with 5x-5.5x in our previous forecast, which is above our expected leverage for the rating,” said S&P in a press release.

The outlook is negative.

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