S&P Global Ratings has revised the outlook on EIG Management Co. LLC to negative from stable, citing the slow progress of the company's Energy Fund XVII fundraising.

The rating agency affirmed the company's issuer credit rating of BB+.

According to S&P Global Ratings, the fund raised $1.9 billion as of June 30, still a far cry from its $5.0 billion target by the first quarter of 2019. The outlook could be revised back to stable if the fundraising surpasses expectations, the rating agency wrote.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.