• +353-1-416-8900(GMT OFFICE HOURS)
  • 1-800-526-8630(US/CAN TOLL FREE)
  • 1-917-300-0470(EST OFFICE HOURS)
Recovery Report: Chesapeake Midstream Partners L.P.'s Recovery Rating Profile Jan 12 Product Image

Recovery Report: Chesapeake Midstream Partners L.P.'s Recovery Rating Profile Jan 12

  • Published: January 2012
  • Standard & Poors

Abstract
We are updating our recovery analysis on U.S. midstream company Chesapeake Midstream Partners L.P. (CHKM) to reflect the recent upsizing of its revolver to $1 billion from $800 million, and the recent issuance of $750 million of senior unsecured notes. CHKM is highly dependent on the revenue it receives from its contracts with Chesapeake Energy (BB+/Stable/--), and Chesapeake Energy's operations are highly dependent on CHKM's assets for usage. Our simulated default scenario for CHKM contemplates severe distress at Chesapeake Energy. CHKM and Chesapeake Energy have long-term fixed-fee contracts, which include minimum volume usage commitments from Chesapeake Energy that account for a high proportion of CHKM's revenue. Our default scenario contemplates distress at Chesapeake Energy resulting from an extended period of...

Companies mentioned in this report are: Chesapeake Midstream Partners L.P.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating READ MORE >

Chesapeake Midstream Partners L.P.

Note: Product cover images may vary from those shown

RELATED PRODUCTS