TEXT - S&P rates DCP Midstream Operating LP proposed notes
Nov 19 - Standard & Poor's Ratings Services said today that it assigned its 'BBB-' issue-level rating to DCP Midstream Operating L.P.'s proposed $500 million senior unsecured notes due 2018. Parent DCP Midstream Partners L.P. (Partners; BBB-/Stable/--) guarantees the debt. The partnership intends to use net proceeds from the notes to repay all of the outstanding borrowings under the $140 million and the $343.5 million term loans, which it used to partially fund the cash portions of the Mont Belvieu fractionators and the 33.33% interest in the Eagle Ford system asset drop-downs from parent DCP Midstream LLC (BBB/Stable/A-2). As of Sept. 30, 2012, Partners had total debt of about $1.04 billion. Denver-based Partners is a gatherer, processor, and transporter of natural gas and natural gas liquids, and a wholesale distributor of propane. For 2013, we forecast that Partners will achieve a total debt to EBITDA ratio between 3.5x and 3.75x. (For the corporate credit rating rationale, see our summary analysis on Partners published June 25, 2012 on RatingsDirect.) RELATED CRITERIA AND RESEARCH Key Credit Factors: Criteria For Rating The Global Midstream Energy Industry, April 18, 2012 RATINGS LIST DCP Midstream Operating L.P. New Rating $500 mil sr unsecd notes due 2018 BBB-
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.