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S&P affirms EnLink Midstream
S&P said it affirmed its BB+ issuer credit and senior unsecured debt ratings on EnLink Midstream Partners LP.
The outlook is stable.
The 3 recovery rating on the company's debt is unchanged, indicating an expectation of meaningful (50%-70%; rounded estimate 65%) recovery in the event of a payment default.
“EnLink Midstream LLC (ENLC) announced the execution of a definitive agreement to acquire all outstanding common units of master limited partnership (MLP) EnLink Midstream Partners LP (EnLink) not already owned by ENLC,” S&P said in a news release.
The agency said the transaction improves EnLink's cost of capital and will result in adjusted debt leverage improving to the 4.5x area over the next 18 to 24 months.
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