Fitch assigns Tallgrass notes BB-

Fitch Ratings said it assigned Tallgrass Energy Partners, LP's (Opco) and Tallgrass Energy Finance Corp.'s planned senior unsecured notes BB-/RR4 ratings.

Fitch also affirmed Opco’s long-term issuer default rating at BB- and its senior unsecured rating at BB-/RR4, and senior secured rating at BB+/RR1. The outlook has been revised to stable from negative.

The agency concurrently affirmed Prairie ECI Acquiror LP's (Prairie ECI Acquiror LP, as borrower under the term loan B, and Tallgrass Energy, LP, as pledgor in the term loan B structure are referred to collectively as, Holdco) IDR at B+. The outlook has been revised to stable from negative.

Fitch said it applied its updated "Corporates Recovery Ratings and Instrument Ratings Criteria" and as a result, trimmed Holdco's senior secured term loan rating to B- from B and revised the recovery rating to RR6 from RR5.

“The Holdco IDR, loan rating and RR have been removed from under criteria observation (UCO), where they were placed following the publication of the updated recovery rating criteria on April 9, 2021,” Fitch said in a press release.

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