Fitch rates Western Gas notes BBB-

Fitch Ratings said it assigned an issuer default rating and senior rating of BBB- to Western Gas Partners, LP and a BBB- rating to the proposed senior notes issue.

The outlook is negative.

The ratings reflect the company's conservative financial profile which is supported by fee-based and fixed-priced contracts that limit commodity price exposure as well as the strong credit linkage with its sponsor and general partner Anadarko Petroleum Corp. (BBB-/negative), the agency said.

The ratings consider the company's close linkage to Anadarko, favorable contract mix and managed commodity exposure and strategic location of assets as well as its somewhat limited size and scale, conservative financial policies and liquidity and capital resources, the agency said.

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