Moody’s rates Harvest Midstream notes B1

Moody's Ratings assigned a B1 rating to Harvest Midstream I, LP's proposed offering of senior unsecured notes.

Harvest Midstream's existing ratings, including its Ba3 corporate family rating, Ba3-PD probability of default rating, existing B1 senior unsecured note rating and stable outlook are unchanged.

The net proceeds from the proposed note offering are expected to be primarily used to repay a portion of the outstanding borrowings under Harvest Midstream's revolver and term loan.

“Harvest Midstream's notes issuance is opportunistically refinancing existing debt to extend maturities,” Amol Joshi, Moody's vice president, senior credit officer, said in a news release.

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