NEW YORK (Standard & Poor's) Jan. 10, 2012--Standard & Poor's Ratings Services today assigned its 'B' issue-level rating to Breitburn Energy Partners' (BreitBurn) proposed $250 million senior unsecured notes due 2022. We assigned a '5' recovery rating to this debt, indicating our expectation of modest (30% to 50%) recovery in a payment default. The 'B' rating is one notch below the corporate credit rating on Breitburn and incorporates our expectation that the company will use the proceeds from the proposed notes to repay outstanding debt and for general partnership purposes. (For the complete recovery analysis, see Standard & Poor's recovery report on Breitburn to be published on RatingsDirect following the release of this report.) The ratings on Los Angeles-based oil...
Companies mentioned in this report are: BreitBurn Energy Partners
Action: New Rating
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