Moody's rates Targa notes B2

Moody's Investors Service said it assigned Targa Resources Partners LP Ba3 corporate family and probability-of-default ratings, an SGL-3 rating and a B2 rating (LGD5, 87%) to its proposed $250 million of senior unsecured notes due 2016.

The outlook is stable.

The corporate family rating reflects the company's growing scale of operations, modest financial leverage, expectations of a more balanced financial policy than its parent and the benefits of being a dropdown entity, the agency said.

The issuer has a debt-to-EBITDA ratio of 3 times as of March 31.

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