S&P ups Crestwood, gives loan B

Standard & Poor's said it raised its corporate credit rating on Crestwood Holdings LLC to B from B- and removed the rating from CreditWatch, where it had been with positive implications since May 6.

The outlook is stable.

S&P also assigned its B issue-level rating and 4 recovery rating to Crestwood Holdings'$400 million term loan B due 2020.

The actions followed Inergy Midstream Partners's announcement that it will merge with Crestwood Midstream LP.

The action reflects Crestwood Holdings' enhanced cash flow diversity, due to the increased size and scale of the combined master limited partnership from which it will get its cash flow and lower consolidated leverage as a result of the transaction leads to an improved credit profile, the agency said.

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