Fitch rates MPLX debt BBB-

Fitch Ratings said it assigned an initial issuer default rating and senior unsecured debt rating of BBB- to MPLX LP.

The outlook is stable.

The ratings are supported by MPLX’s sponsor, Marathon Petroleum Corp., which owns a 69.5% limited partnership interest and the 2% general partner interest, Fitch said.

MPLX was created as a growth vehicle for Marathon’s midstream assets, the agency said.

Long-term fee-based contracts with Marathon should provide MPLX with stable cash flows, Fitch said.

Concerns include MPLX’s strategy to grow at a fast pace, the agency added.

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