S&P upgrades Blue Racer

S&P said it raised the corporate credit rating on Blue Racer Midstream LLC to B+ from B.

The outlook is stable.

The agency also said it raised the rating on the senior secured credit facility to BB from BB-.

The recovery rating remains at 1, indicating 90% to 100% expected default recovery.

S&P also said it raising the rating on the company's unsecured notes to B from B-.

The recovery rating remains at 5, indicating 10% to 30% expected default recovery.

The stable outlook reflects a view the Blue Racer Midstream will have adequate liquidity over the next 12 months, S&P said.

The agency said it expects the company's debt-to-EBITDA ratio to be between 4.5x and 5x through 2018.

This reflects modest volume growth due to increased producer activity in Blue Racer's dedicated acreage, S&P said.

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