S&P gives BB to Access Midstream notes

Standard & Poor's said it assigned its BB issue-level rating to Access Midstream Partners, LP and ACMP Finance Corp.'s proposed $600 million senior unsecured notes due 2024.

The agency also assigned its 4 recovery rating to the debt, indicating average (30% to 50%) recovery of principal.

The partnership intends to use net proceeds to repay outstanding amounts under its senior secured revolving credit facility, fund its recently announced MidCon Compression acquisition and for general corporate purposes.

The corporate credit rating on Access is BB and the outlook is stable.

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