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Moody's Investors Service, ("Moody's") assigned Ba2 ratings to Energy Transfer Operating, L.P.'s (ETO) proposed Series F and Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units. Together with a concurrent proposed offering of senior unsecured notes, which will be rated Baa3, ETO will use the proceeds of the preferred units offering to repay borrowings under its revolving credit facility and to refinance upcoming debt maturities. The proposed preferred units are rated Ba2, two notches below ETO's Baa3 senior unsecured rating, reflecting their subordination to all of the company's existing senior unsecured notes, its unsecured revolving credit facility and its subordinated notes.
Concurrently, Moody's also placed on review for upgrade the Ba3 CFR, Ba3-PD probability of default and Ba3 senior secured ratings of HFOTCO, a wholly owned subsidiary of SEMGroup. The transaction was approved by the board of directors of both Energy Transfer and SEMGroup and is expected to close by late 2019 or early 2020, subject to obtaining regulatory approvals, SemGroup shareholder approval and other customary closing conditions.
Moody's Investors Service ("Moody's") downgraded PES Holdings, LLC (PES) Corporate Family Rating (CFR) to Ca from B2, Probability of Default Rating (PDR) to Ca-PD from B2-PD, its Tranche A first lien term loan facility to Caa1 from Ba2, and its Tranche B and Tranche C of its first lien term loan facility to Ca from B2. "The downgrade and the negative outlook reflect the ongoing uncertainty behind the company's future prospects and our expectation of weak collateral coverage for PES's debt after the massive fire incident on June 21," said Arvinder Saluja, Moody's Vice President.
Moody's Investors Service ("Moody's") assigned a B1 rating to BCP Renaissance Parent L.L.C.'s (BCP Renaissance) proposed $65 million senior secured Term Loan B due November 2024. BCP Renaissance's existing ratings including its B1 Corporate Family Rating (CFR), the B1 rating on its existing Term Loan B and its B1-PD Probability of Default Rating (PDR) are not affected by this rating assignment. The proposed $65 million Term Loan B is rated B1, equivalent to the B1 Corporate Family Rating (CFR), as the Term Loan B is the only debt in BCP Renaissance's capital structure.