S&P affirms DCP

Standard & Poor's said it affirmed its BBB+ corporate credit rating on DCP Midstream LLC.

The outlook is stable.

The affirmation follows its regular surveillance of the credit, the agency said, noting that DCP's ratings reflect the company's strong financial performance, strong competitive position within a diverse set of production basins, and resilience to weakening commodity prices as evidenced by the company's low break-even commodity price deck.

Nonetheless, at the current rating, the company has significant exposure to falling commodity prices and management has demonstrated some aggressive financial policies that partially offset these strengths, the agency said.

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