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 subsidiary Targa Resources Partners Finance Corp.’s proposed $400 million senior unsecured notes due 2024.

The 4 recovery rating indicates 30% to 50% expected default recovery.

The proceeds will be used to reduce borrowings under the company’s secured revolving credit facility and for general corporate purposes, S&P said.

Targa’s corporate credit rating is BB+.

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