Research Update: Crestwood Midstream Partners Is Assigned 'B' Corporate Credit Rating; $200 Mil. Notes Rated 'B-' Mar 11

Standard & Poors, March 2011

Abstract
U.S. midstream energy company Crestwood Midstream Partners L.P. (CMLP) and Crestwood Midstream Finance Corp. plan to co-issue $200 million of senior unsecured notes due in 2019. We are assigning our 'B' corporate credit rating to CMLP and a 'B-' issue-level rating to the notes. The outlook is stable. We believe CMLP will generate substantially all of its cash flow from its fee-based gathering and processing operations and maintain a stand-alone debt to EBITDA ratio between 4.75x and 5.00x. On March 21, 2011, Standard & Poor's Ratings Services assigned its 'B' corporate credit rating and stable outlook to Houston-based Crestwood Midstream Partners L.P. (CMLP). At the same time, we assigned our 'B-' issue rating to the company's proposed $200 million senior...

Companies mentioned in this report are: Crestwood Midstream Partners LP,Crestwood Midstream Finance Corporation
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Crestwood Midstream Partners LP,Crestwood Midstream Finance Corporation

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