S&P rates Phillips 66 Partners notes BBB

Standard & Poor’s said it assigned a BBB rating to Phillips 66 Partners LP’s proposed senior unsecured notes due 2020, 2025 and 2045.

The partnership intends to use net proceeds to pay a portion of the acquisition cost for a 19.46% interest in Explorer Pipeline Co., 33.3% interests in the Sand Hills and Southern Hills natural gas liquids pipelines and for general partnership purposes, including repaying debt and funding capital spending.

The partnership’s stand-alone credit profile is BB and its creditworthiness benefits from the strategic importance and close business ties to Phillips 66, which controls the general partner and is a significant customer, S&P said.

The company’s corporate credit rating is BBB and its outlook is stable.

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