Moody's lifts DCP Midstream view to positive

Moody's Investors Service said it changed the outlook on DCP Midstream, LP and DCP Midstream Operating LP to positive from stable.

Moody's also said it affirmed the ratings at DCP, including the Ba2 corporate family rating, Ba2-PD probability of default rating, B1 rating on the perpetual preferred units and SGL-3 speculative grade liquidity rating.

The Ba2 ratings on the senior unsecured notes and the B1 rating on the junior subordinated notes, which are obligations of DCP Midstream Operating, also were affirmed.

The move to a positive outlook reflects DCP's improving operating performance and expectations that earnings will continue to grow as additional new projects come into service, boosting credit metrics, Moody's said.

The positive outlook reflects an expectation that DCP's credit metrics will improve as new projects come into service and production volumes in DCP's key basins continue to grow, the agency said.

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