S&P: MarkWest unchanged after add-on

Standard & Poor’s said the BB rating and 4 recovery rating are unchanged on MarkWest Energy Partners LP’s and MarkWest Energy Finance Corp.’s $500 million 4 7/8% senior unsecured notes due 2024 after the companies proposed an add-on of $500 million to the issue.

The recovery rating of 4 indicates 30% to 50% expected default recovery.

The partnership intends to use proceeds to repay amounts outstanding on its revolving credit facility, fund capital spending and for general partnership purposes.

MarkWest is a midstream energy partnership that specializes in natural gas gathering and processing, S&P said, and the fractionation of natural gas liquids.

The company’s corporate credit rating is BB and the outlook is stable.

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