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TEXT-S&P: Crestwood Midstream Partners Note Rating Remains 'B-'
November 8, 2012 / 11:36 PM / 5 years ago

TEXT-S&P: Crestwood Midstream Partners Note Rating Remains 'B-'

NEW YORK (Standard & Poor‘s) Nov. 8, 2012--Standard & Poor’s Ratings Services said today that its ‘B-’ issue rating and ‘5’ recovery rating on Crestwood Midstream Partners L.P.’s notes remains unaffected by Crestwood’s intention to increase its existing senior-secured notes due 2019 to $350 million from $200 million.

The partnership plans to use proceeds to repay borrowings under its revolving credit facility. Crestwood is a midstream energy partnership that specializes in the gathering, processing, and transportation of natural gas and natural gas liquids.

Our corporate credit rating on Crestwood is ‘B-', and the outlook is stable. As of Sept. 30, 2012, Crestwood had about $533 million in debt.

Ratings List

Rating Unchanged

Crestwood Holdings LLC

Corporate Credit Rating B-/Stable/--

Ratings Unchanged

Crestwood Midstream Partners L.P.

Crestwood Midstream Finance Corp.

$350 mil 7.75% senior unsecured notes due 2019 B-

Recovery Rating 4

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