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S&P upgrades DCP Midstream
S&P said it raised the issuer credit and senior unsecured debt ratings on DCP Midstream LP to BB+ from BB.
The outlook is stable.
The 3 recovery rating on the partnership's senior unsecured debt is unchanged.
S&P also said it raised the rating on the junior subordinated notes to BB- from B+. The 6 recovery rating is unchanged.
The agency also said it raised the rating on the preferred securities to B+ from B.
DCP Midstream's adjusted financial metrics are in line with expectations, S&P said, and its adjusted debt-to-EBITDA ratio will be about 4.5x for 2019, improving to the low-4x range in 2020.
The stable outlook reflects a view that the partnership will maintain adjusted leverage of about 4.5x in 2019, S&P said.
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