Fitch rates DCP Midstream notes BB+

Fitch Ratings said it assigned a BB+/RR4 rating to DCP Midstream Operating LP’s proposed senior unsecured notes. The ratings are on rating watch negative. The notes will be guaranteed by parent company, DCP Midstream, LP. The guarantee by DCP will rank equally in right of payment to all of DCP’s unsecured senior indebtedness.

Fitch said it expects proceeds will be used primarily to repay borrowings under DCP Operating’s revolving credit facility.

Fitch rates DCP’s and DCP Midstream Operating’s long-term issuer default rating BB+ and senior unsecured debt BB+/RR4.

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