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CM - Moody’s downgrades midstream for first time on expected EBITDA - June 2020
Moody’s Investor Services downgraded the midstream sector for the first time ever— to negative from stable—as the ratings agency forecasted a more than 5% sector-wide drop in EBITDA this year. Moody’s said that E&P companies’ shut-ins, demand and supply shocks, and erosion of customer credit quality have all contributed to conditions to bring 2020 aggregate EBITDA for midstream companies below its threshold for a stable industry. VP and senior credit officer Andrew Brooks said......
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