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S&P puts Navitas Midstream on positive watch
S&P said it placed Navitas Midstream Midland Basin LLC’s ratings, including its B issue ratings, on CreditWatch with positive implications.
The CreditWatch follows Navitas and its owner Warburg Pincus LLC reporting Monday they agreed to sell Navitas’ assets to Enterprise Product Partners LP, rated BBB+, for an enterprise value of about $3.25 billion, the agency said.
“The CreditWatch with positive implications reflects our expectations that Navitas' assets will be core to EPD upon the close of the acquisition. We expect to resolve the CreditWatch at or near the transaction closing, which is expected to be in the first quarter of 2022 subject to customary regulatory approvals,” S&P said in a press release.
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