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Bulletin: Atlas Pipeline Partners' Ratings Unchanged After Issue Add-On Nov 11
Standard & Poors, Nov 2011
Abstract
NEW YORK (Standard & Poor's) Nov. 16, 2011--Standard & Poor's Rating Services said today it left its 'B' issue-level rating and '5' recovery rating on Atlas Pipeline Partners L.P.'s (B+/Stable/--) and Atlas Pipeline Finance Corp.'s existing $250 million senior unsecured notes due 2018 unchanged after the partnership announced its intention to offer an additional $125 million. The recovery rating of '5' indicates our expectation of modest (10% to 30%) recovery if a payment default occurs. The partnership intends to use net proceeds to repay a portion of outstanding borrowings under its credit facility. As of Sept. 30, 2011, Atlas had $426 million of balance-sheet debt. Pennsylvania-based Atlas is a midstream energy partnership that specializes in natural gas gathering and processing,...
Companies mentioned in this report are: Atlas Pipeline Partners L.P.,Atlas Pipeline Finance Corp
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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