S&P rates Targa Resources notes BB

S&P assigned its BB issue-level rating and 3 recovery rating to Targa Resources Partners LP’s and subsidiary Targa Resources Partners Finance Corp.’s proposed $750 million senior unsecured notes due in 2027. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in a payment default scenario.

The partnership intends to use the net proceeds to refinance debt under its credit facilities and for general corporate purposes, which may include partial or full redemption of the partnership's senior notes due in 2019.

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