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S&P: Regency Energy notes BB
Standard & Poor's said it assigned a BB rating and 4 recovery rating on Regency Energy Partners LP's and Regency Energy Finance Corp.'s issuance of $500 million senior unsecured notes.
The partnership will use proceeds from the notes to repay borrowings outstanding on its revolving credit facility.
The outlook is stable.
The ratings reflect its fair business risk profile and aggressive financial risk profile, S&P said.
The ratings reflect the company's commodity price sensitivity, a small, but growing asset base and a diversified business mix with a large fee-based cash flow component, the agency said.
Moderate financial leverage, an aggressive growth strategy and the master limited partnership structure result in an aggressive financial profile, S&P said.
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