Moody's ups Targa Resources

Moody's Investors Service said it upgraded the corporate family rating for Targa Resources Partners LP to Ba2 from Ba3 and upgraded the senior unsecured note rating to Ba3 from B1.

The outlook is stable.

"The upgrade in the CFR reflects the progress Targa has made in bringing down its leverage now that the asset drop down program has been completed," said Stuart Miller, Moody's senior analyst, in a news release.

"As the partnership continues to invest in fee generating businesses such as NGL fractionation services, its cash flow is becoming more durable resulting in an improving business profile," Miller said.

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