S&P changes Targa Resources to negative

Standard & Poor's said it affirmed its BB+ corporate credit rating on Targa Resources Partners LP and revised the outlook to negative from stable.

The agency also affirmed its B+ corporate credit rating on general partnership Targa Resources Corp. and revised the outlook to negative.

"The negative rating outlook on Targa reflects our view that the partnership will have financial leverage in the 5.0x to 5.5x range and a weak distribution coverage ratio below 1x through 2016," S&P credit analyst Nora Pickens said in a news release.

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