S&P applies B to Rose Rock notes

Standard & Poor's said it assigned its B issue-level rating and 5 recovery rating to Rose Rock Midstream LP's and Rose Rock Finance Corp.'s $300 million senior unsecured notes due 2023.

The 5 recovery rating on the proposed notes indicates an expectation of modest (10% to 30%; upper half of the range) recovery if a payment default occurs.

Rose Rock intends to use net proceeds to repay borrowings outstanding under its revolving credit facility and for general partnership purposes.

As of March 31, the partnership had about $661 million in debt.

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