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S&P assigns Crestwood notes BB
S&P said it assigned its BB issue-level rating to $500 million of senior unsecured notes due in 2031, to be issued by Crestwood Midstream Partners LP and Crestwood Midstream Finance Corp., subsidiaries of Crestwood Equity Partners LP. The recovery rating is 4 (rounded estimate 40%).
The ratings are the same as the agency’s ratings on Crestwood’s outstanding senior unsecured debt.
The company intends to use the proceeds to repay borrowings under its revolving credit facilities. As of Sept. 30, 2022, Crestwood Equity Partners had outstanding debt of about $3.57 billion.
The outlook is stable.
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