S&P ups Regency Energy notes

Standard & Poor's said it affirmed its BB corporate credit rating on Regency Energy Partners LP. The outlook is stable.

At the same time, the agency said it raised its rating on the company's senior unsecured notes to BB from BB- and revised the recovery rating on this debt to 4 from 5.

"The rating actions are based on the recent reduction in Regency's debt outstanding and a shift in our valuation-given-default," said S&P credit analyst William Ferara in a news release.

The 4 recovery rating indicates that unsecured note holders can expect average recovery if a payment default occurs.

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