S&P boosts CNX Midstream

S&P said it boosted its rating on CNX Midstream Partners LP to BB- from B+, citing its recent upgraded of the company’s parent, CNX Resources Corp., to BB- from B+.

“Our BB- issue-level rating on the company's debt is unchanged. However, we are revising our recovery rating on CNXM's senior unsecured debt to 3 from 2 to indicate our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in a payment default scenario. While our analysis indicates recovery of greater than 90% for CNXM's unsecured debt, we generally cap our recovery ratings on the debt of companies we rate in the BB category at 3,” S&P said in a press release.

The outlook is stable.

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