Fitch rates Targa Resources

Fitch Ratings said it assigned a BBB rating to Targa Resources Corp.'s $2.75 billion secured revolving credit facility due Feb. 17, 2027.

“This facility replaces the existing revolving credit facilities at TRC and Targa Resources Partners (TRP). It is secured by a guarantee and cross guarantee between the parent, TRC, and the operating subsidiaries at TRP. Similar to the existing facility, it has a collateral fallaway provision conditioned on investment grade ratings. Once management triggers the fallaway provision, the revolver would be downgraded to reflect the change in collateral to an unsecured lien,” Fitch said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.