Moody's boosts Regency

Moody's Investors Service said it upgraded the ratings of Regency Energy Partners LP, following a sizable equity offering and the repayment of debt with the proceeds.

Regency's corporate family rating is upgraded to Ba3 from B1 and its senior unsecured notes to B1 from B2, the agency said.

The outlook is stable.

The agency said that in July, Regency raised $354 million in net proceeds in a public equity offering that allowed it to almost halve its debt and almost triple its book equity from June 30 levels.

These transactions have significantly improved the company's leverage metrics and have restored some headroom under its financial covenants, Moody's noted.

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