Fitch rates DCP Midstream, notes BB+

Fitch Ratings said it assigned DCP Midstream Operating, LP a BB+ long-term issuer default rating and a BB+/RR4 rating to its proposed senior unsecured notes due 2026.

The outlook is stable.

The notes are are fully and unconditionally guaranteed by parent company DCP Midstream, LP. The guarantee by DCP will rank equally in right of payment to all of DCP's existing and future unsecured senior debt.

DCP plans to use the proceeds to fund the redemption of its outstanding 9¾% senior notes due March 15, 2019 and for general partnership purposes, including the funding of capital expenditures.

Fitch said the ratings reflect DCP's position as one of the largest independent producers and processor of natural gas liquids in the United States with a robust operating presence in all of the key production regions within the country.

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