S&P puts Third Coast on watch

S&P said it placed its B issuer credit and senior unsecured issue-level ratings for Third Coast Midstream LLC on CreditWatch with negative implications.

“The rating action reflects our view of near-term refinancing risk and constrained liquidity in light of the approaching revolver expiry in December 2020. While we acknowledge the positive steps Third Coast has taken over the past six months to de-lever its balance sheet, in our opinion, the risks associated with revolver extension remain at play, especially in the context of materially lower energy commodity prices and the Covid-19 pandemic, which has significantly affected the capital markets,” S&P said in a press release.

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