Fitch rates Oryx add-on BB

Fitch Ratings said it gave Oryx Midstream Services Permian Basin LLC’s incremental term loan BB/RR3 ratings. The agency also affirmed BB- issuer rating and the BB/RR3 ratings on its senior secured term loan.

Oryx will use the loan, currently expected to be about $300 million, to pay a distribution to the equity holder.

“The incremental debt, while increasing leverage in YE2023 beyond Fitch's downgrade sensitivity, is manageable given Fitch's projection for Oryx's EBITDA growth over the next two years,” the agency said in a press release.

The outlook is stable.

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