Moody's upgrades PVR's notes to B1

Moody's Investors Service said it upgraded PVR Partners, LP's senior notes to B1 (LGD4, 60%) from B2 (LGD5, 76%) and withdrew PVR's Ba3 corporate family rating, Ba3-PD probability of default rating and SGL-3 speculative grade rating. PVR's positive outlook was also removed.

These actions were prompted by the completion of PVR's merger with Regency Energy Partners LP (Ba3/positive) on March 21. Regency and Regency Finance Corp. assumed all of PVR's outstanding notes, which totaled $1.2 billion.

The agency said PVR's notes were upgraded to match Regency's existing unsecured note rating.

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