Fitch gives Tallgrass Energy notes BB-

Fitch Ratings said it assigned BB-/RR4 ratings to Tallgrass Energy Partners, LP's planned $700 million of senior unsecured notes due 2029.

The ratings are in line with those on Tallgrass’ outstanding senior unsecured notes.

Tallgrass will use the proceeds to fund the purchase of 2025 notes in the tender offer, deposit funds with the trustee sufficient to satisfy and discharge the indenture and any 2025 notes outstanding after completion of the tender offer until redeemed on Oct. 1, with the funds deposited with the trustee, and to repay a portion of the balance on its revolving credit facility, with any excess to be used for general partnership purposes.

“Fitch views this transaction as neutral to Tallgrass's credit profile,” the agency said in a press release.

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