S&P revises DCP Midstream view to positive

S&P said it affirmed its BB corporate credit and senior unsecured debt ratings on DCP Midstream LP and revised the outlook to positive from stable.

The 3 recovery rating on the partnership's senior unsecured debt is unchanged, reflecting an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of default.

The B+ issue-level rating and 6 recovery rating on the junior subordinated debt are also affirmed, reflecting an expectation of negligible recovery (0%-10%; rounded estimate: 0%) in the event of default.

“The outlook revision reflects volumetric and adjusted financial metrics that are better than originally forecast,” S&P said in a news release.

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