S&P assigns BBB- to MPLX

Standard & Poor's said it assigned its BBB- corporate credit rating on MPLX LP.

The outlook is stable.

The standalone credit profile is bb and the agency views the partnership as strategically important to its general partner, Marathon Petroleum Corp.

The partnership's "fair" business risk profile reflects the stable cash flows coming from long-term fee-based contracts with its general partner Marathon, which represents most of the partnership's cash flow.

This strength is partly offset by MPLX's small size and limited asset and geographic diversity, the agency said.

S&P said the partnership's "significant" financial risk profile reflects its expectations for total debt to EBITDA in the high-3 times to 4 times area, aggressive growth plans and the master limited partnership structure that incentivizes MPLX to pay out most of its cash flow after maintenance capital spending to unitholders each quarter.

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