EMG Utica LLC (EMG Utica) is constrained by its concentration in Utica region, structural complexity arising from the holdco structure and the small size and scale of the MarkWest Utica EMG, L.L.C (JV). EMG Utica’s ability to service its debt is dependent on the performance and distributions from the JV, which the borrower does not own 100%. Although the volumes in the midstream systems of the JV have remained steady and assets in a highly economic gas basin in North America, the JV is not immune to the single basin concentration risk. Additionally, JV’s customers consist entirely of non-investment grade entities.