Moody’s changes DCP Midstream view

Moody’s Investors Service said it moved the outlook of DCP Midstream, LP's to stable from positive and affirmed its existing ratings, including the Ba2 corporate family rating and B1 ratings on the preferred units.

DCP's SGL-3 speculative grade liquidity rating is unchanged.

Additionally, DCP Midstream Operating, LP's senior unsecured note ratings were affirmed at Ba2 and the B1 rating on its junior subordinated notes was affirmed.

“The affirmation of DCP's current ratings and return to a stable outlook from positive reflects the challenging U.S. oil and gas industry environment and our expectation that DCP's earnings will not continue to grow in 2020 compared to 2019 levels,” James Wilkins, Moody's vice president, said in a news release.

“We expect improvement in the company's credit metrics to be delayed until commodity prices further recover and volumes improve.”

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