Moody's rates AL NGPL loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to AL NGPL Holdings LLC’s corporate family rating, a Ba3-PD probability of default rating and Ba3 rating to its proposed $400 million senior secured term loan due 2028.

“The debt at AL NGPL is structurally subordinated to the debt at NGPL and adds to the total amount of debt serviced by NGPL's cash flows," said Moody's vice president James Wilkins in a news release.

The outlook is stable.

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