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DCP Midstream Operating L.P.'s $350 Million Notes Are Rated 'BBB-' Mar 12
Standard & Poors, March 2012
NEW YORK (Standard & Poor's) March 8, 2012--Standard & Poor's Ratings Services said today that it assigned its 'BBB-' issue-level rating to DCP Midstream Operating L.P.'s proposed $350 million senior unsecured notes due 2022. The debt is guaranteed by parent DCP Midstream Partners L.P.'s (Partners; BBB-/Stable/--). The partnership intends to use the net proceeds from the notes to pay the cash portion of the Southeast Texas asset purchase, pay expenses associated with the transaction, repay all outstanding borrowings under the partnership's $135 million loan facility, and for general corporate purposes. As of Dec. 31, 2011, Partners had total debt of $747 million. Denver-based Partners is a gatherer, processor, and transporter of natural gas and natural gas liquids, and a wholesale...
Companies mentioned in this report are: DCP Midstream Operating L.P.,DCP Midstream Partners L.P.
Action: New Rating
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Research type: News
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DCP Midstream Operating L.P.,DCP Midstream Partners L.P.