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DCP Midstream Partners LP Dec 09
Standard & Poors, December 2009
Parent DCP Midstream LLC favorably influences DCP Midstream Partners' rating; High percentage of fee-based revenue; Good geographic diversity; and Multi-year hedging policy partially mitigates commodity risk. Commodity price risk in natural gas services segment; Limited asset diversity; and High leverage. We base the rating on midstream energy company DCP Midstream Partners LP (Partners) on the strong linkage to its higher-rated parent DCP Midstream LLC (Midstream; BBB/Stable/A-2). Partners is a Denver-based master limited partnership (MLP) and its key credit factors include its strategic importance to its parent, the significant influence Midstream has over Partners' operations, a sizeable portion of fee-based revenues, and good geographic diversity. Commodity risk in the MLP's natural gas services business, limited asset diversity, and an aggressive financial...
Companies mentioned in this report are: DCP Midstream Partners L.P.,DCP Midstream LLC
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.
Research Type: Full Analysis
DCP Midstream Partners L.P.,DCP Midstream LLC