TEXT-S&P rates Western Gas notes 'BB+'

Thu Jun 21, 2012 5:19pm EDT

June 21 - Standard & Poor's Ratings Services said today that it assigned its
'BB+' senior unsecured debt rating to Western Gas Partners L.P.'s 
proposed $520 million senior unsecured 10-year bullet notes. The recovery rating
on the notes is '3', indicating our expectation for meaningful recovery (50% to
70%) if a payment default occurs. Western Gas has also completed a concurrent
equity offering of 5 million common units, earlier this week. 

The partnership will use proceeds from the unsecured note and common unit 
offerings to pay down roughly $334 million of the revolving credit facility 
borrowing and a $175 million issue of 2.82% notes due 2013 payable to parent 
Anadarko Petroleum Corp. It will use any additional net proceeds for general 
partnership purposes, the company stated. Adjusted debt leverage should range 
between 3.5x to 3.0x in 2012, and liquidity should remain strong pro forma for 
the issuance.

RELATED CRITERIA AND RESEARCH
Key Credit Factors: Criteria For Rating The Global Midstream Energy Industry, 
April 18, 2012

RATINGS LIST

Western Gas Partners L.P.
Corporate credit rating            BB+/Positive

New Rating
$520 mil senior unsecured notes    BB+
 Recovery rating                   3


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the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
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