S&P shifts CNX Midstream view to stable

S&P said it revised the outlook for CNX Midstream Partners LP to stable from negative after CNX Resources Corp. said it plans to acquire the remaining stake in CNX Midstream.

“The stable outlook on CNXM reflects our stable outlook on CNX. We expect that CNX will maintain funds from operations (FFO) to debt in the 25%-30% range over the next two years and that CNXM will sustain adjusted debt to EBITDA of about 3x through 2021 and maintain adequate liquidity,” S&P said in a press release.

Concurrently, S&P affirmed the B+ rating on CNX Midstream and the BB- rating on the senior unsecured notes. The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 85%) recovery in a default.

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