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S&P: Targa Resources notes BB-
S&P 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 $800 million senior unsecured notes due 2025 and 2027.
The 4 recovery rating indicates 30% to 50% expected default recovery.
The proceeds will be used to tender its 5% senior unsecured notes due 2018, 6 5/8% senior notes due 2020 and 6 7/8% senior notes due 2021.
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