S&P rates Tallgrass loans BB-

Standard & Poor's said it assigned its B+ corporate credit rating to Tallgrass Energy Partners LP. The outlook is stable.

At the same time, the agency said it assigned an issue-level rating of BB- and a recovery rating of 2 to Tallgrass Operations LLC's $875 million senior secured term loan due 2018, $250 million senior secured delayed-draw term loan due 2017 and $150 million undrawn senior secured revolver due 2017.

Tallgrass Operations' parent company, Tallgrass Energy Partners LP, will unconditionally guarantee the notes. The 2 recovery rating indicates that lenders can expect substantial recovery if a payment default occurs.

"Our ratings on Overland Park, Kansas-based Tallgrass Energy and its financing subsidiary Tallgrass Operations reflect a fair business risk profile and aggressive financial risk profile under our criteria," said S&P credit analyst William Ferara in a news release.

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