Fitch upgrades DCP Midstream

Fitch Ratings said it upgraded the issuer ratings for DCP Midstream, LP and DCP Midstream Operating, LP to BBB- from BB+. The agency also boosted DCP Operating's senior unsecured ratings to BBB- from BB+/RR4, and raised the junior subordinated notes to BB+ from BB-/RR6. DCP's preferred share ratings were also upgraded to BB from BB-/RR6. The outlook is stable.

“The upgrade and stable outlook reflect DCP's continued expected outperformance spurred by tailwinds from the elevated commodity price environment. The company remains focused on reducing leverage (measured as total debt with equity credit to operating EBITDA) which Fitch forecasts to range between 3x-3.3x in 2022 and 2023 before moderating to 3.6x-3.8x in the latter forecast years per the Fitch commodity price deck,” the agency said in a press release.

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