Fitch rates AmeriGas note BB+

Fitch Ratings said it assigned a BB+ rating to AmeriGas Partners, LP (issuer default rating: BB+, outlook positive) $470 million senior note offering due 2021.

The notes will be co-issued by AmeriGas Finance Corp.

The agency added that the notes will be senior unsecured obligations of the co-issuers and will rank equally will all existing and future unsecured senior indebtedness of the co-issuers.

Proceeds from the notes will be used to finance AmeriGas' tender offer for its outstanding 7.25% series A and B senior notes due 2015 and will go toward the repayment funds borrowed under the company's operating subsidiary's credit facility, Fitch added.

AmeriGas' ratings reflect the underlying strength of its retail propane distribution network, broad geographic reach, adequate credit metrics, and proven ability to manage unit margins under various operating conditions, the agency said.S&P lifts HSN to positive

Standard & Poor's said it revised its outlook on HSN Inc. to positive from stable.

At the same time, the agency said it affirmed existing ratings on the company, including the BB- corporate credit rating.

"The BB- corporate rating and the positive outlook on HSN reflect its expectation that operating performance will likely remain good into 2011 as U.S. consumer spending gradually recovers," said credit analyst Andy Liu.

Moreover, the agency said it expects that the company will maintain its moderate financial policy.

"We consider HSN's business risk profile fair because of its No. 2 position in a highly competitive business," added Liu.

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