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S&P rates Targa notes BB+
Standard & Poor’s said it assigned a BB+ rating and 4 recovery rating to Targa Resources Partners LP’s and Targa Resources Partners Finance Corp.’s proposed $550 million senior unsecured notes due 2019.
The agency also said it placed the notes on CreditWatch with positive implications.
The recovery rating of 4 indicates 30% to 50% expected default recovery.
The partnership intends to use proceeds to reduce borrowings under its secured revolving credit facility and for general corporate purposes, S&P said.
The corporate credit rating on Targa is BB+.
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