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Related Issuers
AL NGPL Holdings LLC
Antero Midstream Partners LP
BCP Raptor II, LLC
BCP Raptor, LLC
Blue Racer Midstream, LLC
Boardwalk Pipelines, LP
Brazos Delaware II, LLC
Buckeye Partners, L.P.
Centurion Pipeline Company LLC
Cheniere Energy, Inc.
CNX Midstream Partners LP
Colonial Enterprises Inc.
Colonial Pipeline Company
Colorado Interstate Gas Company, L.L.C.
CQP Holdco LP
Crestwood Equity Partners LP
Crestwood Midstream Partners LP
DCP Midstream Operating LP
DCP Midstream, LLC
DCP Midstream, LP
Delek Logistics Partners, LP
DT Midstream, Inc.
El Paso CGP Company, L.L.C.
El Paso Energy Capital Trust I
El Paso Holdco LLC
El Paso Natural Gas Company, L.L.C.
EL PASO PIPELINE PARTNERS OPERATING CO, LLC
El Paso Tennessee Pipeline Co., L.L.C.
EnLink Midstream Partners, LP
EnLink Midstream, LLC
Enterprise Products Operating, LLC
EPIC Crude Services, LP
EPIC Y-Grade Services, LP
EQM Midstream Partners, LP
Explorer Pipeline Company
FR BR Holdings, L.L.C.
Freeport LNG Investments, LLLP
Genesis Energy LP
Gibson Energy Inc.
GIP II Blue Holding, L.P.
GIP III Stetson I, L.P.
Global Partners LP
Gray Oak Pipeline, LLC
Gulf Finance, LLC
Harvest Midstream I, L.P.
Hess Midstream Operations LP
Holly Energy Partners, L.P.
Howard Midstream Energy Partners, LLC
ITT Holdings LLC
K N Capital Trust I
K N Capital Trust III
Kinder Morgan Energy Partners, L.P.
Kinder Morgan Finance Company LLC
Kinder Morgan Kansas Inc.
Kinder Morgan, Inc.
Kinetik Holdings LP
LOCAP LLC
Loews Corporation
LOOP LLC
Louisiana Offshore Terminal Authority
Lucid Energy Group II Borrower, LLC
Magellan Midstream Partners, L.P.
Martin Midstream Partners L.P.
Medallion Midland Acquisition, L.P.
MPLX LP
New Fortress Energy Inc.
NGL Energy Operating LLC
NGL Energy Partners LP
NGPL PipeCo LLC
NGPL PipeCo LLC (Old)
NorthRiver Midstream Finance LP
NuStar Energy L.P.
NuStar Logistics, L.P.
ONEOK Partners, L.P.
ONEOK, Inc.
Oryx Midstream Services Permian Basin LLC
Paradigm Midstream, LLC
PBF Logistics LP
Plains All American Pipeline L.P.
Plains Midstream Canada ULC
Prairie ECI Acquiror LP
Rattler Midstream LP
Rockies Express Pipeline LLC
Solaris Midstream Holdings, LLC
Southern Natural Gas Company, L.L.C.
Summit Midstream Holdings, LLC
Summit Midstream Partners, LP
Tallgrass Energy Partners, LP
Targa Resources Corp.
Targa Resources Partners LP
Tennessee Gas Pipeline Company, L.L.C.
Texas Gas Transmission, LLC
TransMontaigne Operating Company L.P
TransMontaigne Partners LLC
UGI Energy Services, LLC
WaterBridge Midstream Operating LLC
Western Midstream Operating, LP
Woodford Express, LLC
Zenith Energy U.S. Logistics Holdings, LLC
Announcement of Periodic Review:

Moody's announces completion of a periodic review for a group of Midstream issuers

10 Jun 2022

New York, June 10, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.

The review was conducted through a portfolio review discussion held on 3 June 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.

Key Rating Considerations

The principal methodology used for these rated entities was Investment Holding Companies and Conglomerates published in July 2018. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Investment Holding Companies and Conglomerates

For Investment Holding Companies we consider the following factors:

Investment Strategy: Investment strategy is considered because transparent and more conservative investment strategies can provide a longer-term view of an investment holding company's business profile, which is particularly relevant given the tendency for investment holding companies to acquire and divest assets. Greater visibility over the evolution of the company's investment portfolio is supported by clearly defined investment strategies in terms of the types of assets the company seeks to invest in, the intended tenure of its investments and the targeted composition of its investment portfolio. We assess the investment holding company's investment policies and guidelines, as well as management track record. The existence of publicly communicated goals and a commitment to adhere to these is also helpful in our assessment, particularly when a proven track record is present.

Asset Quality: The asset quality of the investment portfolio represents one of the drivers of the company's credit risk. Our assessment considers investment concentration, geographic and business diversity, and portfolio transparency. The transparency and consistency of management in communicating information is a key element of our analysis. Listed investments in markets where regulatory disclosure requirements are strong can help to provide more reliable information.

Financial Policy: Management and board tolerance for financial risk is considered as it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. This is important given an investment holding company's exposure to equity risks, which can result in greater volatility in leverage metrics relative to other corporates. The acquisition and divestiture activities of investment holding companies also make it more challenging to estimate future leverage. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations also include a company's public commitments in this area, its track record for adhering to commitments, and our views on the ability for the company to achieve its targets.

Estimated Market Value-Based Leverage (MVL): The majority of an investment holding company's assets are typically equity participations in subsidiaries and associates. In the event that the holding company decides to lever its equity returns by funding part of the investments through the issuance of debt, the credit risk of this debt is significantly impacted by asset values available to cover potential fixed debt charges. The MVL is measured as Net Debt/Estimated Market Value of Portfolio Assets.

Debt Coverage and Liquidity: Operational cash flows that can regularly cover interest expenses reflect positively on the investment holding company's financial flexibility and long-term viability. Investment holding companies that do not have a sufficiently mature portfolio paying an adequate level of dividends to cover their interest and debt payments are more reliant upon cash and credit facilities, which we believe should be reserved for a market downturn. The timing of debt repayments can play a particularly significant role in the credit profile of an investment holding company as the concentration of maturities can present liquidity challenges and heighten refinancing risk. Debt Coverage and Liquidity is measured by ratios such as Funds from Operations plus Interest/ Interest Expense and Liquidity/Debt maturities.

Other Considerations: Other considerations may include, but are not limited to, corporate governance, financial controls, liquidity management, group complexity, degree of influence over dividends of investees, event risk as well as parental and institutional support.

For conglomerates we incorporate a balanced view of the credit risk in each business segment, with further consideration of the potential overall risk reduction due to industry and country diversification of assets and cashflows, portfolio stability, together with the ownership structure and the relationship between subsidiaries and the broader group.

Credit Risk of Each Business Segment: We assess the individual business and credit risk profile of each major industry segment of a conglomerate by applying the scorecard from the respective industry sector methodology. In most cases, it is most meaningful to do this only for the two or three largest industry segments. Where necessary, this approach includes an allocation of the conglomerate's Holdco debt to its subsidiary businesses in order to estimate individual ratios which allow for a weighted average calculation for the total group. The weighting is usually centered around cash flow metrics (such as each major segment's contribution to EBITDA) since this can represent an approximation for the debt capacity of the various subsidiaries.

Risk Reduction from Industry/Country Diversification: Business diversification within a conglomerate can bring potential benefits for creditors. At the same time, diversification exists only to the extent that correlation is low across the various businesses. We therefore take a very pragmatic and cautious approach to diversification.

Portfolio Stability: The stability of a conglomerate's portfolio during a certain time period is assessed by analyzing the stability of investments in assets and their asset mix (e.g. by sector, country, or revenue vs. cash flow focus), the number of acquisitions, spin-offs, and "greenfield" developments. Strong discipline with clear guidance on a balanced investment strategy and limited event risk is considered as a positive step for the overall credit risk of the conglomerate

Ownership Structure: The type of ownership might be a potential source of benefit for the credit assessment of the conglomerate. For example, a conglomerate with stable ownership (possibly majority remaining with a family) and a clear succession plan is assessed positively. Conversely, unclear ownership influences or weak governance structures may impair the overall rating outcome, and is assessed negatively.

Relationship Between Subsidiaries and the Broader Group: There might be circumstances under which the parent holding provides specific financial support to a business which is part of the overall conglomerate. This may be accomplished, for example, through intercompany loans, equity top-ups, asset transfers, granting of financial guarantees or debt forgiveness. The overall strength of support depends on the type of measure and our assessment of the willingness and ability of the parent to grant this support.

• Loews Corporation

The principal methodology used for these rated entities was Midstream Energy published in February 2022. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Midstream Energy

Scale: Size is a consideration because it typically plays an important role in gauging the credit strength of a midstream company, because it influences many of the core attributes that drive its resiliency to stress. These attributes may include, among other aspects, operational and financial flexibility, economies of scale, and the breadth of a company's product and service offerings, customers, and market reach. Scale is measured using net PP&E and EBITDA.

Business Profile: The business profile of a midstream energy company's asset portfolio has a large influence on its ability to generate operating cash flow and on the stability and sustainability of those flows. In turn, cash flow stability extensively drives credit risk in the sector, owing to issuers' significant debt service obligations and the high distribution payouts they typically make. Different types of business operations within the midstream sector are affected by varying degrees of business risk. Operating assets characterized by low exposure to commodity price and volume risk, such as interstate refined products, natural gas, or crude oil pipelines, tend to show predictable and stable long-term cash flow generation. Conversely, midstream companies that have expanded into upstream or downstream businesses may operate assets that entail relatively high exposure to commodity price and volume risk, making consistent cash flow stability less easily achievable. Business profile evaluation is based on a forward-looking qualitative assessment of an issuer's estimated price and volume risk exposure, and the stability afforded by its contracts and market position.

Leverage and Coverage: Leverage and coverage measures are indicators of a company's financial flexibility and long-term viability, including its ability to adapt to changes in the economic and business environments in the segments in which it operates. Maintaining financial flexibility is crucial for midstream MLPs given their heavy reliance on external sources of capital, and investors in the sector generally have expectations of high payouts. Indicators of leverage and coverage include ratios such as: Debt/ EBITDA, EBITDA/ Interest Expense, and (FFO – Maintenance Capital Expenditures)/ Distributions.

Financial Policy: Management and board tolerance for financial risk is considered because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Financial risk tolerance serves as a guidepost to investment and capital allocation. Liquidity management is also an important aspect of overall risk management and can provide insight into risk tolerance.

Other Rating Considerations: Such factors include financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends also affect ratings.

• Antero Midstream Partners LP

• BCP Raptor II, LLC

• BCP Raptor, LLC

• Blue Racer Midstream, LLC

• Boardwalk Pipelines, LP

• Brazos Delaware II, LLC

• Buckeye Partners, L.P.

• Centurion Pipeline Company LLC

• Cheniere Energy, Inc.

• CNX Midstream Partners LP

• Colonial Enterprises Inc.

• Crestwood Equity Partners LP

• CQP Holdco LP

• DCP Midstream, LP

• Delek Logistics Partners, LP

• DT Midstream, Inc.

• EnLink Midstream, LLC

• Enterprise Products Operating, LLC

• EPIC Crude Services, LP

• EPIC Y-Grade Services, LP

• EQM Midstream Partners, LP

• Explorer Pipeline Company

• FR BR Holdings, L.L.C.

• Freeport LNG Investments, LLLP

• Genesis Energy LP

• Gibson Energy Inc.

• GIP II Blue Holding, L.P.

• GIP III Stetson I, L.P.

• Global Partners LP

• Gray Oak Pipeline, LLC

• Gulf Finance, LLC

• Harvest Midstream I, L.P.

• Hess Midstream Operations LP

• Holly Energy Partners, L.P.

• Howard Midstream Energy Partners, LLC

• ITT Holdings LLC

• Kinder Morgan, Inc.

• Kinetik Holdings LP

• LOCAP LLC

• LOOP LLC

• Lucid Energy Group II Borrower, LLC

• Magellan Midstream Partners, L.P.

• Martin Midstream Partners L.P.

• Medallion Midland Acquisition, L.P.

• MPLX LP

• New Fortress Energy Inc.

• NGL Energy Partners LP

• NorthRiver Midstream Finance LP

• NuStar Energy L.P.

• ONEOK, Inc.

• Oryx Midstream Services Permian Basin LLC

• Paradigm Midstream, LLC

• PBF Logistics LP

• Plains All American Pipeline L.P.

• Prairie ECI Acquiror LP

• Rattler Midstream LP

• Solaris Midstream Holdings, LLC

• Summit Midstream Partners, LP

• Targa Resources Corp.

• TransMontaigne Partners LLC

• UGI Energy Services, LLC

• WaterBridge Midstream Operating LLC

• Western Midstream Operating, LP

• Woodford Express, LLC

• Zenith Energy U.S. Logistics Holdings, LLC

The principal methodology used for these rated entities was Natural Gas Pipelines published in July 2018. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Natural Gas Pipelines

Revenue Generation and Recovery Cost Framework: Metrics may include but are not limited to monopoly status; rate setting flexibility; strength of customer base and service area as measured by resource base, population, wealth, economic diversity, and growth projections; length and quality of customer contracts and contractor credit quality; scale; market framework and market diversification; structural and creditor protections; and ownership model.

Cost Recovery: Metrics may include but are not limited to transparency and timeliness of rate setting process by governing board or regulatory body including support for setting appropriate rates and charges to service debt; exposure to potential rate shocks; cash flow predictability.

Generation and Procurement Risk: Metrics may include but is not limited to ability to meet power supply commitments; the fuel mix; power price hedging; the diversity, cost and reliability of power supply sources; exposure to additional debt needs or regulatory risk; scale and complexity of the capex programme.

Competitiveness: Metrics may include but are not limited to market position, average system retail rate relative to regional peers or state average and material cost pressure that could lead to higher rates.

Financial Position, Policy and Ownership: Metrics may include but are not limited to corporate financial policy, days cash on hand; debt service coverage ratio measured by debt service and other fixed charges by net revenue, adjusted debt ratio of debt and ANPL (adjusted net pension liability) to net assets and working capital; ratio of debt to cash flow; interest coverage metrics and debt to asset metrics. Assessments may include but are not limited to an Issuer's desired capital structure / credit profile, and its adherence to its commitments and our views on the ability of the company to achieve its targets, an assessment of the likelihood and potential negative impact of M&A or other types of balance-sheet-transforming events, and the likelihood of uncontracted financial support being provided by owners; and the protective terms of debt documentation including but limited to restrictions on business activities, use of debt and revenue distributions; and control and liquidity afforded to creditors.

• AL NGPL Holdings LLC

• Rockies Express Pipeline LLC

• Southern Natural Gas Company

• Texas Gas Transmission, LLC

This announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. Rated Entities, with Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced herein to the extent necessary, if they are part of the same analytical unit.

Please see the Issuer page on https://ratings.moodys.com for each of the ratings covered, most updated credit rating action, rating history, and Credit Rating action Press Release including the rating rationale and factors that could lead to a rating upgrade or downgrade.

This publication does not announce a credit rating action.

For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com

for the most updated credit rating action information and rating history.


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No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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