Fitch Ratings announced on February 27, 2025, that it has affirmed and withdrawn EnLink Midstream, LLC's 'BBB-' Long-Term Issuer Default Rating (IDR) with a Stable Rating Outlook. This action resolves Fitch's Rating Watch Positive, as EnLink has reorganized following its acquisition by ONEOK, Inc.
Fitch upgraded the senior unsecured notes originally issued by EnLink Midstream, LLC and EnLink Midstream Partners, LP to 'BBB' from 'BBB-'. This upgrade occurred because ONEOK has become the legal obligor on these debt instruments, meaning they now rank pari passu with existing ONEOK unsecured debt.
ONEOK's ratings reflect its integrated midstream platform, significant size and scale, and diversity across several basins and hydrocarbons. Future rating actions on the previously issued EnLink unsecured notes will be subject to the same factors affecting ONEOK's unsecured notes.
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