Moody’s eyes Crestwood for upgrade

Moody's Investors Service said it placed Crestwood Equity Partners LP's (CEQP) and Crestwood Midstream Partners LP's (CMLP) ratings on review for upgrade, including CEQP's Ba2 corporate family rating and CMLP's Ba3 senior unsecured notes ratings. Before the review, the outlook was stable.

The review was prompted by the announcement Equity Transfer LP will acquire CEQP and CMLP, the agency said.

“The proposed transaction is credit enhancing for CEQP and CMLP, given Energy Transfer's stronger credit profile. The transaction is expected to close in the fourth quarter of 2023, subject to the approval of CEQP's unitholders, regulatory approvals, and other customary closing conditions,” Moody’s said in a press release.

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