Moody's rates Regency Energy notes B1

Moody's Investors Service said it assigned a B1 rating to Regency Energy Partners LP and co-issuer Regency Energy Finance Corp.'s senior unsecured notes due 2023.

Note proceeds will be used to repay borrowings outstanding under the company's revolving credit facility. The outlook is stable.

"The notes offering will provide liquidity to further fund Regency's growth projects, most notably at the company's Lone Star NGL joint venture and the expansion of Regency's midstream infrastructure in the Eagle Ford Shale," said Andrew Brooks, a Moody's vice president, in a news release.

"While Regency's current leverage is elevated and is expected to rise further, incremental EBITDA generated from recent growth projects is expected to begin to accrue in 2013, stabilizing debt leverage."

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