DCP Midstream Operating L.P.'s $350 Million Notes Are Rated 'BBB-' Mar 12

Standard & Poors, March 2012

Abstract
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

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.

DCP Midstream Operating L.P.,DCP Midstream Partners L.P.

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