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In This List
COMMENTS

Issuer Ranking: North American Midstream Companies, Strongest To Weakest


Issuer Ranking: North American Midstream Companies, Strongest To Weakest

The following list ranks the North American midstream companies that S&P Global Ratings rates, from strongest to weakest. We rank companies, in turn, by the rating, outlook, stand-alone credit profile (SACP), business and financial risk profiles, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors.

In line with our corporate rating methodology, the final rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, we have applied one or more modifiers, which may include that for liquidity. We've noted the anchor and active modifiers of each company for informational purposes only. , please refer to the company-specific pages on RatingsDirect via the hyperlinks below.

Given our low industry risk assessment for the midstream sector, country risk has no material impact on the corporate industry and country risk assessment (CICRA) because the rated companies are based in jurisdictions where we assess country risk as very low. Group ownership is an explicit rating factor for about 25 companies in the portfolio (about 20%). Our analysis of the ownership effect on issuer credit ratings is that it raises the SACP for about half the companies, and lowers or provides no change in the remaining 30% and 20% of the affiliates, respectively.

For our related analysis, please refer to the commentaries listed under Related Research at the end of this article.

Ranking Table

The table and charts in this publication provide an overview of the 112 entities we rate in this industry. We rate 44 as investment grade ('BBB-' and above) and 68 as speculative grade ('BB+' and below).

Company FC LT Outlook SACP Business risk Cash flow and leverage Liquidity Anchor Modifiers

Colonial Pipeline Co.

A Stable a [1] Excellent [3] Intermediate Adequate a

Northern Natural Gas Co. *

A Stable a- [2] Strong [3] Intermediate Adequate a-

Midwest Connector Capital Company LLC

A- Stable a- [2] Strong [2] Modest Strong a CRA: Negative (-1 notch)

Trans Quebec & Maritimes Pipeline Inc.*

A- Stable bbb+ [2] Strong [3] Intermediate Adequate bbb+

Enbridge Inc.

BBB+ Stable bbb+ [1] Excellent [4] Significant Adequate a- CRA: Negative (-1 notch)

Inter Pipeline (Corridor) Inc.

BBB+ Stable bbb+ [1] Excellent [4] Significant Adequate a- CRA: Negative (-1 notch)

TC Energy Corp.

BBB+ Stable bbb+ [1] Excellent [4] Significant Adequate a- CRA: Negative (-1 notch)

Northern Border Pipeline Co.

BBB+ Stable bbb+ [2] Strong [2] Modest Adequate a CRA: Negative (-1 notch)

Florida Gas Transmission Co. LLC

BBB+ Stable bbb+ [2] Strong [3] Intermediate Adequate bbb+

Iroquois Gas Transmission System L.P.

BBB+ Stable bbb+ [2] Strong [3] Intermediate Adequate bbb+

Pipeline Funding Co. LLC

BBB+ Stable bbb+ [2] Strong [3] Intermediate Adequate bbb+

Southern Natural Gas Co. LLC

BBB+ Stable bbb+ [2] Strong [3] Intermediate Adequate bbb+

Enterprise Products Partners L.P.

BBB+ Stable bbb+ [2] Strong [4] Significant Adequate bbb CRA: Positive (+1 notch)

Magellan Midstream Partners L.P.

BBB+ Stable bbb+ [2] Strong [4] Significant Adequate bbb CRA: Positive (+1 notch)

Dominion Energy Questar Pipeline LLC*

BBB+ Stable bbb- [3] Satisfactory [3] Intermediate Adequate bbb-

Inter Pipeline Ltd.

BBB+ Negative bbb+ [2] Strong [4] Significant Adequate bbb CRA: Positive (+1 notch)

LOOP LLC*

BBB+ Negative bb+ [4] Fair [4] Significant Adequate bb CRA: Positive (+1 notch)

Northwest Pipeline LLC*

BBB Stable a- [2] Strong [2] Modest Adequate a CRA: Negative (-1 notch)

Transcontinental Gas Pipe Line Co. LLC*

BBB Stable bbb+ [2] Strong [3] Intermediate Adequate bbb+

Kinder Morgan Inc.

BBB Stable bbb [1] Excellent [5] Aggressive Adequate bbb

Gulfstream Natural Gas System LLC

BBB Stable bbb [2] Strong [4] Significant Adequate bbb

MPLX L.P.*

BBB Stable bbb [2] Strong [4] Significant Adequate bbb

ONEOK Inc.

BBB Stable bbb [2] Strong [4] Significant Adequate bbb

Pembina Pipeline Corp.

BBB Stable bbb [2] Strong [4] Significant Adequate bbb

The Williams Cos. Inc.

BBB Stable bbb [2] Strong [4] Significant Adequate bbb

Tuscarora Gas Transmission Co.*

BBB Stable bbb [3] Satisfactory [1] Minimal Adequate a- CRA: Negative (-1 notch)

Keyera Corp.

BBB Stable bbb [3] Satisfactory [3] Intermediate Adequate bbb

TC PipeLines L.P.*

BBB Stable bbb- [2] Strong [4] Significant Strong bbb CRA: Negative (-1 notch)

Phillips 66 Partners L.P.*

BBB Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

Gulf South Pipeline Co. L.P.*

BBB- Stable bbb+ [3] Satisfactory [1] Minimal Adequate a-

Texas Gas Transmission LLC*

BBB- Stable bbb+ [3] Satisfactory [2] Modest Adequate bbb+

Panhandle Eastern Pipe Line Co L.P.*

BBB- Stable bbb [2] Strong [4] Significant Adequate bbb

Plains All American Pipeline L.P.

BBB- Stable bbb- [2] Strong [4] Significant Adequate bbb CRA: Negative (-1 notch)

Southeast Supply Header LLC

BBB- Stable bbb- [2] Strong [4] Significant Adequate bbb CRA: Negative (-1 notch)

Energy Transfer L.P.

BBB- Stable bbb- [2] Strong [5] Aggressive Adequate bb+ CRA: Positive (+1 notch)

Southern Star Central Corp.

BBB- Stable bbb- [2] Strong [5] Aggressive Adequate bb+ CRA: Positive (+1 notch)

Gibson Energy ULC

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Adequate bbb-

Great Lakes Gas Transmission L.P.*

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Adequate bbb-

Rockies Express Pipeline LLC*

BBB- Stable bbb- [3] Satisfactory [3] Intermediate Adequate bbb-

Enable Midstream Partners L.P.

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

NGPL PipeCo LLC

BBB- Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

Boardwalk Pipeline Partners L.P.*

BBB- Stable bb+ [3] Satisfactory [5] Aggressive Adequate bb CRA: Positive (+1 notch)

Ruby Pipeline LLC

BBB- Negative bbb- [3] Satisfactory [4] Significant Adequate bbb-

Western Midstream Operating L.P.

BBB- Negative bbb- [3] Satisfactory [4] Significant Adequate bbb-

ITT Holdings LLC*

BB+ Stable bbb- [3] Satisfactory [4] Significant Adequate bbb-

Hess Midstream L.P.*

BB+ Stable bb+ [4] Fair [3] Intermediate Adequate bb+

EnLink Midstream Partners L.P.

BB+ Stable bb+ [3] Satisfactory [5] Aggressive Adequate bb CRA: Positive (+1 notch)

Enlink Midstream, LLC

BB+ Stable bb+ [3] Satisfactory [5] Aggressive Adequate bb CRA: Positive (+1 notch)

Holly Energy Partners L.P.*

BB+ Stable bb [4] Fair [4] Significant Adequate bb

DCP Midstream L.P.*

BB+ Stable bb [3] Satisfactory [5] Aggressive Adequate bb

Northriver Midstream Finance L.P. *

BB+ Stable bb [3] Satisfactory [5] Aggressive Adequate bb

EQM Midstream Partners L.P.

BB+ Negative bb+ [3] Satisfactory [4] Significant Adequate bb+

Superior Plus Corp.

BB Stable bb [4] Fair [4] Significant Adequate bb

Buckeye Partners L.P.

BB Stable bb [3] Satisfactory [5] Aggressive Adequate bb

Targa Resources Corp.

BB Stable bb [3] Satisfactory [5] Aggressive Adequate bb

Cheniere Energy Inc.

BB Stable bb [2] Strong [6] Highly Leveraged Strong bb

Cheniere Energy Partners L.P.*

BB Stable bb [3] Satisfactory [6] Highly Leveraged Adequate b+ CRA: Positive (+1 notch)

TransMontaigne Partners L.P.

BB- Stable bb [3] Satisfactory [5] Aggressive Adequate bb

Exterran Energy Solutions L.P.

BB- Stable bb- [5] Weak [3] Intermediate Adequate bb CRA: Negative (-1 notch)

Centurion Pipeline Company LLC

BB- Stable bb- [4] Fair [5] Aggressive Adequate bb-

Crestwood Equity Partners L.P.

BB- Stable bb- [4] Fair [5] Aggressive Adequate bb-

Enviva Partners L.P.

BB- Stable bb- [4] Fair [5] Aggressive Adequate bb-

Moda Ingleside Energy Center LLC

BB- Stable bb- [4] Fair [5] Aggressive Adequate bb-

Sunoco L.P.

BB- Stable bb- [4] Fair [5] Aggressive Adequate bb-

Stonepeak Lonestar Holdings LLC

BB- Stable bb- [5] Weak [5] Aggressive Adequate b+ CRA: Positive (+1 notch)

Suburban Propane Partners L.P.

BB- Stable bb- [5] Weak [5] Aggressive Adequate b+ CRA: Positive (+1 notch)

NuStar Energy L.P.

BB- Stable bb- [3] Satisfactory [6] Highly Leveraged Adequate b+ CRA: Positive (+1 notch)

PBF Logistics L.P.*

BB- Stable b+ [5] Weak [4] Significant Adequate bb- CRA: Negative (-1 notch)

Veresen Midstream L.P.*

BB- Stable b+ [3] Satisfactory [6] Highly Leveraged Adequate b+

Delek Logistics Partners L.P.*

BB- Stable b [5] Weak [5] Aggressive Adequate b+ CRA: Negative (-1 notch)

Equitrans Midstream Corp.

BB- Negative bb- N/A N/A Adequate bb-

Tallgrass Energy Partners L.P.

B+ Stable bb+ [3] Satisfactory [5] Aggressive Adequate bb CRA: Positive (+1 notch)

Archrock Partners L.P.

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+

Blue Racer Midstream LLC

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+

Epic Crude Services L.P.

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+

Global Partners L.P.

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+

Midcoast Energy LLC

B+ Stable b+ [5] Weak [5] Aggressive Adequate b+

Prairie ECI Acquiror L.P.

B+ Stable b+ [3] Satisfactory [6] Highly Leveraged Adequate b+

Genesis Energy L.P.

B+ Stable b+ [4] Fair [6] Highly Leveraged Adequate b CRA: Positive (+1 notch)

Summit Midstream Partners L.P.

B+ Stable b+ [4] Fair [6] Highly Leveraged Adequate b CRA: Positive (+1 notch)

Teekay Offshore Partners L.P.

B+ Stable b+ [4] Fair [6] Highly Leveraged Adequate b CRA: Positive (+1 notch)

Paradigm Midstream LLC

B+ Stable b+ [5] Weak [6] Highly Leveraged Adequate b CRA: Positive (+1 notch)

USA Compression Partners L.P.

B+ Stable b+ [5] Weak [6] Highly Leveraged Adequate b CRA: Positive (+1 notch)

CNX Midstream Partners L.P.*

B+ Negative bb- [5] Weak [3] Intermediate Adequate bb CRA: Negative (-1 notch)

Antero Midstream Partners L.P.

B+ Negative bb- [4] Fair [4] Significant Adequate bb CRA: Negative (-1 notch)

LBC Tank Terminals Holding Netherlands B.V.

B+ Negative b+ [3] Satisfactory [6] Highly Leveraged Adequate b+

NGL Energy Partners L.P.

B+ Negative b+ [4] Fair [6] Highly Leveraged Adequate b CRA: Positive (+1 notch)

Traverse Midstream Partners LLC

B+ Negative b+ N/A N/A Less than adequate b+

BCP Renaissance Parent LLC

B+ Negative b+ N/A N/A Adequate b+

Rockpoint Gas Storage Partners L.P.

B+ Negative b [5] Weak [6] Highly Leveraged Adequate b

Woodford Express LLC

B Negative b [5] Weak [6] Highly Leveraged Adequate b

Lower Cadence Holdings LLC

B Positive b [5] Weak [6] Highly Leveraged Adequate b

Lucid Energy Group Holdings II LLC

B Stable b+ [6] Vulnerable [6] Highly Leveraged Adequate b- CRA: Positive (+1 notch)

Associated Asphalt Partners LLC

B Stable b [5] Weak [6] Highly Leveraged Adequate b

Third Coast Midstream LLC

B Stable b [5] Weak [6] Highly Leveraged Adequate b

BCP Ratptor II LLC

B Stable b [6] Vulnerable [6] Highly Leveraged Adequate b- CRA: Positive (+1 notch)

Medallion Gathering & Processing LLC

B Stable b [6] Vulnerable [6] Highly Leveraged Adequate b- CRA: Positive (+1 notch)

Navitas Midstream Midland Basin LLC

B Stable b [6] Vulnerable [6] Highly Leveraged Adequate b- CRA: Positive (+1 notch)

Blackstone CQP Holdco L.P.

B Stable b N/A N/A Adequate b

GIP III Stetson I L.P.

B Stable b N/A N/A Adequate b

Glass Mountain Pipeline LLC

B Negative b [5] Weak [6] Highly Leveraged Adequate b

Woodford Express LLC

B Negative b [5] Weak [6] Highly Leveraged Adequate b

Zenith Energy U.S. Logistics Holdings LLC

B Negative b [5] Weak [6] Highly Leveraged Adequate b

EagleClaw Midstream Ventures LLC

B Negative b [6] Vulnerable [6] Highly Leveraged Adequate b- CRA: Positive (+1 notch)

Epic Y Grade Services L.P.

B Negative b [6] Vulnerable [6] Highly Leveraged Adequate b- CRA: Positive (+1 notch)

CSI Compressco L.P.

B- Stable b- [5] Weak [6] Highly Leveraged Adequate b CRA: Negative (-1 notch)

Brazos Permian II LLC

B- Stable b- [6] Vulnerable [6] Highly Leveraged Adequate b-

Crestwood Holdings LLC

B- Stable b- N/A N/A Adequate b-

FR BR Holdings LLC

B- Stable b- N/A N/A Adequate b-

Summit Midstream Partners Holdings LLC

B- Stable b- N/A N/A Adequate b-

Martin Midstream Partners L.P.

B- Developing b- [5] Weak [5] Aggressive Weak b+

Gulf Finance LLC

CCC+ Negative n/a [5] Weak [6] Highly Leveraged Weak b-

Ferrellgas Partners L.P.

CCC- Negative n/a [5] Weak [6] Highly Leveraged Weak b-
CRA--Comparable ratings analysis. N/A--Not applicable. Scores as of March 10, 2020. *Group-related entity or insulated subsidiary. FC--Foreign currency. LT--Long term. Source: S&P Global Ratings.

Across the corporate universe, 39% of our ratings are investment grade. Ratings below 'BB+' in midstream account for approximately 61%. Out of all 112 entities, only two of the 44 investment-grade companies--Boardwalk Pipeline Partners L.P. and LOOP LLC--receive uplift from stand-alone speculative-grade ratings due to group support. ITT Holdings LLC's stand-alone investment-grade rating of 'bbb-' is constrained by its group's weaker credit profile.

Chart 1

image

Outlook and CreditWatch distribution

Our ratings outlooks within the sector are mostly stable. We believe midstream industry's focus on excess free cash flow, lower capital spending, operating efficiencies, and financial liquidity and balance sheet cushions, many of our ratings have some headroom, supporting our outlooks. Our ratings are underpinned by our base case assumptions, but also generally factor in some headroom for short-term volatility related to volumes and longer-term cyclicality of commodity prices.

Chart 2

image

Business risk profile distribution

As chart 3 shows, about 55% of our business risk profile assessments are satisfactory or better, which typically reflects significant size and scale and a strong competitive position or contractual foundation. Lower business risk assessments typically reflect weaker competitive positions due to limited geographic footprint, significant commodity or volume risk, or less favorable contracts supporting cash flow.

Chart 3

image

Cash flow/leverage distribution

The midstream sector's financial risk profile assessments are generally evenly distributed and tend to be weaker as ratings transition from investment- to speculative-grade, as one would expect (see chart 4). Highly leveraged, aggressive, and significant financial risk profiles are evenly distributed and account for slightly more than 75% of the rated universe, with the stronger intermediate financial risk category making up most of the rest. The highly leveraged assessments typically reflect companies with stretched balanced sheets or sponsor-backed holding company loans. Intermediate assessments mostly reflect single-asset pipelines that have much lower stand-alone leverage than their owners, and have SACPs that are generally constrained by the group credit profile.

Chart 4

image

Liquidity distribution

As chart 5 shows, we consider most midstream issuers to have liquidity that is adequate. This is important because the equity markets are not a favorable or economic funding source for the midstream industry generally, and many companies have switched to a self-funding strategy for all or at least the equity portion of their capital needs. Typically, the amount of cash flow that midstream companies generate, combined with liquidity resources, will cover the uses of cash to which they have committed over the next 12 months by 1.2x or more.

Chart 5

image

Related Research

  • ESG Industry Report Card: Midstream, Feb. 11, 2020
  • What’s In Store For Pure-Play Liquid Storage Operators in 2020?, Feb. 5, 2020
  • Rating Actions Taken On 9 U.S. Oil And Gas Exploration And Production Companies On Revised Natural Gas Price Assumptions, Feb. 3, 2020
  • S&P Global Ratings Lowers U.S. Natural Gas Price Assumptions For 2020 Through 2022, Dec. 6, 2019
  • Industry Top Trends 2020: Midstream Energy, Nov. 20, 2019

This report does not constitute a rating action.

Primary Credit Analysts:Michael V Grande, New York (1) 212-438-2242;
michael.grande@spglobal.com
Jacqueline R Banks, New York + (212) 438-3409;
Jacqueline.Banks@spglobal.com
Mike Llanos, New York (1) 212-438-4849;
mike.llanos@spglobal.com
Stephen Scovotti, New York (1) 212-438-5882;
stephen.scovotti@spglobal.com
Michael Pastrich, New York + 1 (212) 438 0604;
michael.pastrich@spglobal.com
Alexander Shvetsov, New York + 1 212-438-1339;
alexander.shvetsov@spglobal.com
Stephen R Goltz, Toronto + 1 (416) 507 2592;
stephen.goltz@spglobal.com
Secondary Contacts:Thomas S Cavazuti, New York + 1 (212) 438 1148;
thomas.cavazuti@spglobal.com
Jason Starrett, New York (1) 212-438-2127;
jason.starrett@spglobal.com
Diego Weisvein, New York (1) 212-438-0523;
diego.weisvein@spglobal.com
Tony S Mok, New York + 1 (212) 438 0113;
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Kimberly E Yarborough, New York (1) 212-438-1089;
kimberly.yarborough@spglobal.com
Luqman Ali, CFA, Toronto (1) 416-507-2589;
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Viviane Gosselin, Toronto + 1 (416) 507 2542;
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