Moody’s gives Targa loans Ba3

Moody's Investors Service said it assigned a corporate family rating of Ba3 to Targa Resources Corp. (TRC), a Ba3 rating to its $1.1 billion senior secured credit facility, comprising a $430 million term loan and a $670 million revolving credit facility and assigned a SGL-3 speculative grade liquidity rating.

The outlook is stable. The agency also changed Targa Resources Partners LP's (Targa) outlook to stable from positive and affirmed all of its ratings.

TRC's term loan proceeds, along with drawings under its revolver, will be used to partially finance the proposed acquisition of Atlas Energy, LP following the spin-off of Atlas Energy’s non-midstream assets.

© 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.