MarkWest Energy Partners L.P. $500 Million Senior Unsecured Notes Are Rated 'BB'; Recovery Rating '4' Aug 12
- Language: English
- Published: August 2012
Standard & Poor's Rating Services is updating its recovery analysis on MarkWest Energy Partners L.P. to reflect the partnership's increase of its secured revolving credit facility to $900 million from $750 million, and its acquisition of the remaining 49% in MarkWest Liberty Midstream & Resources LLC. its joint venture with The Energy & Minerals Group. Our recovery expectations and issue ratings on MarkWest's unsecured notes remain unchanged. Standard & Poor's simulated default scenario for MarkWest contemplates a default arising from compressed natural gas liquids (NGLs) margins and declining natural gas equity volumes due to production companies lowering their capital expenditures. We also assume that the partnership has limited access to the capital markets and is required to fund its working...
Companies mentioned in this report are:
- MarkWest Energy Partners L.P.
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