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S&P affirms Azure Midstream
S&P said it affirmed its CCC+ corporate credit and senior secured issue-level ratings on Azure Midstream Energy LLC. The outlook is negative.
The 3 recovery rating is unchanged and reflects S&P’s expectation for meaningful (upper half of the 30%-50% range) recovery in the event of a payment default.
Partners and its subsidiaries filed for Chapter 11 bankruptcy on Jan. 30. Though the group credit profile for the Azure enterprise has deteriorated, the Chapter 11 filing does not affect the ratings on Azure Midstream Energy LLC, S&P said in a news release.
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