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MI - Moody’s downgrades sector for first time on expected EBITDA - June 2020
E&P shut-ins, demand and supply shocks and erosion of customer credit quality have all contributed to conditions under which 2020 aggregate EBITDA for midstream companies is expected to drop more than 5%, according to ratings agency Moody’s Investor Services. Accordingly, Moody’s downgraded the sector for the first time ever to negative from stable. VP and senior credit officer Andrew Brooks said the decision “reflects the rapid pace and magnitude of production declines that have......
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