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Strategies & Market Trends : Dividend investing for retirement -- Ignore unavailable to you. Want to Upgrade?

To: Celtictrader who wrote (31868)	9/14/2019 8:09:02 PM
From: Celtictrader	Read Replies (1) \| Respond to of 34328

NGL Energy Partners LP Related Research Credit Opinion: NGL Energy Partners LP: Update to credit analysis - Enhanced financial flexibility and focus following asset sales and debt reduction Peer Snapshot: NGL Energy Partners LP - March 2019 (LTM): Peer Snapshot LGD Assessment: NGL Energy Partners LP Covenant Quality Assessment: NGL Energy Partners LP: Covenant Quality Pre-Sale Snapshot: $450m _% Senior Notes due 2026 Rating Action: Moody's rates NGL Energy's proposed notes B2 Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of NGL Energy Partners LP 13 Sep 2019 New York, September 13, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of NGL Energy Partners LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review 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. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion. 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. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Key rating considerations are summarized below. NGL Energy Partners LP's (NGLEP) B1 Corporate Family Rating (CFR) reflects its improving financial leverage from elevated levels, renewed growth in earnings following several acquisitions and disposition, and a more focused business strategy centered around its water solutions and crude oil logistics businesses. Moody's expects management to keep its focus on restoring balance sheet strength and operating margins through 2020. The company has divested several underperforming assets over the past eighteen months and acquired businesses with more fee-based and repeatable revenues with growth potential. NGLEP's primary strengths include its diversified midstream operations across several major US hydrocarbon basins, significant fee-based cash flow, a degree of vertical integration between some of its businesses, and proven risk management practices involving its hedging and logistics operations.