Fitch rates WaterBridge B+, loan BB

Fitch Ratings said it assigned WaterBridge NDB Operating, LLC a long-term issuer default rating of B+, and a BB/RR2 rating to its proposed secured term loan B.

Proceeds from the proposed loan offering will be used for the D.K. Boyd acquisition, debt refinancing, capex and general corporate purposes.

The outlook is stable.

“WB NDB's rating reflects its modest size in terms of EBITDA generation and volumetric risk with operations within the volatile water services midstream subsector,” the agency said in a news release.

“These factors are contrasted against the company's low EBITDA leverage, positioning the company comfortably in the B+ rating category.”

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