Fitch upgrades Targa Resources

Fitch Ratings said it upgraded Targa Resources Corp.'s (TRC) and Targa Resources Partners LP's (TRP) long-term issuer default rating to BBB- from BB+. Additionally, the agency raised TRP's $2.2 billion secured revolver to BBB from BBB-/RR1 and its unsecured notes to BBB- from BB+/RR4. Concurrently, TRC's $670 million secured revolver was upgraded to BB+ from BB-/RR6.

“The upgrade reflects expected company outperformance, leading to faster-than-expected de-leveraging. Additionally, the sale proceeds from its interest in Gulf Coast Express (GCX) pipeline helps deleverage sooner-than-expected after funding the buy-out of the Stonepeak JV development company and the expected redemption of the preferred shares,” Fitch said in a press release.

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