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S&P lowers Targa Resources
Standard & Poor’s said it lowered the long-term corporate credit and senior unsecured debt ratings on Targa Resources Partners LP to BB- from BB+ and lowered the preferred equity rating to B- from B+.
The outlook is negative.
The agency said it lowered the long-term corporate credit and senior secured debt ratings on Targa Resources Corp. to B- from B+ and maintained the ratings on CreditWatch with positive implications.
The Targa companies are planning to merge with the pro forma company facing tough business conditions due to low hydrocarbon prices and challenging capital-market access, S&P said.
But the partnership has a strong competitive position in attractive basins, including the Permian and Eagle Ford, the agency said.
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