S&P rates Oneok notes BBB

Standard & Poor's said it assigned its BBB issue rating to Oneok Partners LP's $1.2 billion senior unsecured notes offering.

"The ratings on Tulsa, Okla.-based master limited partnership Oneok Partners LP reflect the consolidated credit quality of Oneok Partners' operating segments and significant ownership and control by parent Oneok Inc.," said S&P credit analyst Michael Grande in a news release.

Under S&P's 2012 base-case forecast, the agency said it projects that the partnership achieves EBITDA of about $1.3 billion and that it funds its growth plans with a balance of debt and equity. The forecast also assumes robust growth in gathering and fractionation volumes of 20% and 10%, respectively.

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