S&P lowers Eagle Rock to B-

Standard & Poor's said it lowered its corporate credit rating on Eagle Rock Energy Partners LP to B- from B.

The outlook is stable.

The rating on the company's senior unsecured notes remains B. The recovery rating on these notes remains at 4.

The rating remains on CreditWatch with positive implications, where it was placed on Dec. 23, 2013, pending the close of the midstream transaction with Regency. Eagle Rock will be transferring its $550 million of senior unsecured notes into an equivalent amount of Regency senior unsecured notes with the same terms.

S&P said the downgrade reflects the announcement that the company has received final regulatory approval from the Federal Trade Commission necessary for the close of the acquisition by Regency Partners.

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