New York, November 26, 2012 -- Moody's Investors Service assigned a Ba3 Corporate Family Rating ("CFR") to Inergy Midstream L.P. ("NRGM"). Moody's also assigned both a B1 rating to NRGM's proposed $400 million senior unsecured notes due 2020 and a speculative grade liquidity rating of SGL-3. The assigned ratings are subject to Moody's review of final terms and conditions of the transaction, which is expected to close by mid December 2012. The rating outlook is stable. This is the first time that Moody's has rated Inergy Midstream L.P.

Proceeds from the transaction will be used to partially fund the acquisition of North Dakota based Rangeland Energy and repay borrowings under NRGM's revolving credit facility. Pro forma for the equity issuance related to the Rangeland acquisition, Inergy L.P. ("NRGY") is expected to own two-thirds of NRGM's common units. The companies share the same management team.

"The Ba3 ratings reflect NRGM's stable fee-based cash flows which are balanced against its relatively modest size and MLP business model that entails high distributions and ongoing need to access capital markets," said Arvinder Saluja, Moody's Analyst.

Assignments:

..Issuer: Inergy Midstream, LP

.... Corporate Family Rating, Ba3

.... Probability of Default Rating, Ba3

.... $400 million Senior Unsecured Notes due 2020, B1, LGD5, 78%

.... Speculative Grade Liquidity Rating, SGL-3

Outlook, Stable

RATINGS RATIONALE

NRGM's Ba3 CFR reflects its large base of fee-based revenue, weighted average contract life of five years, and negligible commodity price exposure. NRGM also benefits from the advantaged locations of its natural gas and natural gas liquids (NGL) midstream storage and transportation assets in the Marcellus shale in New York and Pennsylvania, and, through its acquisition of Rangeland Energy, crude oil infrastructure, the COLT Hub, in the Bakken. NRGM's assets are long-lived and relatively new and will require little maintenance capex over the near term.

At the same time, the CFR also recognizes NRGM's modest size relative to other similarly rated midstream peers; a degree of customer concentration; reliance on natural gas and NGL markets that are experiencing reduced price volatility; the inherent risks of the MLP model that entails high distributions and the ongoing need to access capital markets to fund growth capital expenditures; and the execution risk associated with a growth strategy expected to rely both on organic expansion and acquisitions.

We expect NRGM to have adequate liquidity through 2013 as indicated by the assignment of the SGL-3 rating. At September 30, 2012, NRGM had no cash balance and $181 million available on its $600 million secured revolving credit facility The availability under its credit facility would improve to over $350 million following the notes issuance providing the company adequate liquidity as NRGM is expected to spend limited maintenance capex in 2012, and could have some degree of flexibility on its growth capex. NRGM is expected to have sufficient cushion under its financial covenants over the next 12 months. The credit facility is secured by all assets, leaving NRGM limited ability to raise additional liquidity through asset sales.

The stable outlook reflects our expectation that NRGM would continue to successfully operate independently from NRGY, maintain its leverage below 4x, and successfully complete the expansions planned for the near term. The ratings could be upgraded if the partnership increases its annual EBITDA generation to over $300 million while sustaining its leverage below 3.5x. However, sustained leverage greater than 4.5x due to deteriorating operating performance or a material leveraging transaction, or weakness in liquidity could result in a rating downgrade.

The B1 senior unsecured note rating reflects NRGM's overall probability of default, to which Moody's assigns a PDR of Ba3, and a loss given default of LGD5-78%. The size of the senior secured credit facility's potential priority claim relative to the senior unsecured notes results in the notes being rated one notch beneath the Ba3 CFR under Moody's Loss Given Default Methodology.

The principal methodology used in rating Inergy Midstream was the Global Midstream Energy Industry Methodology published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Inergy Midstream, L.P. is a publicly traded master limited partnership (MLP) that currently owns and operates natural gas transportation and storage, natural gas liquids storage, and salt mining assets. NRGM is in process of acquiring crude oil storage and terminaling assets in North Dakota. NRGM is controlled by Inergy, L.P. which owns 66% of the outstanding common units (pro forma for equity issuance related to Rangeland acquisition), 100% of incentive distribution rights, and indirectly owns the non-economic general partnership interest.

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Arvinder Saluja Analyst Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Steven Wood MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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