The agency expects Hess Midstream to remain successful and receive extraordinary support from Chevron in certain foreseeable circumstances. S&P indicated it could lower the rating if Hess Midstream's adjusted debt to EBITDA was sustained above 4.0x or if the company no longer holds strategic importance to Chevron. However, a downgrade of Chevron would not automatically trigger a negative rating action on Hess Midstream. The agency noted that a rating upgrade could occur if Hess Midstream improves its scale and diversity, enhancing its business risk profile while maintaining leverage below 3.5x. Alternatively, an upgrade might happen if Hess Midstream becomes more important to Chevron's overall business strategy, though this is considered unlikely in the near term. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.