Moody's rates Regency notes B1

Moody's Investors Service said it affirmed Regency Energy Partners LP's Ba3 corporate family and probability-of-default ratings, and B1 (LGD5, 81%) rating on its senior unsecured notes. The speculative grade liquidity rating is unchanged at SGL-3.

The agency rated Regency's proposed $250 million senior secured notes offering B1 (LGD5, 81%).

The outlook remains negative.

Proceeds will be used to repay revolver borrowing and is therefore seen as having minimal impact on consolidated leverage over the near term.

Moody's said the affirmation reflects the company's improved liquidity profile, the progress on an expansion that has been on time and on budget, the company's track record in issuing equity and management's commitment to issuing additional equity.

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