Fitch rates DCP notes BBB-

Fitch Ratings said it assigned a BBB- rating to DCP Midstream Partners, LP's proposed $350 million senior unsecured notes due 2022.

The outlook is stable.

The proceeds will go in part, toward financing the company's announced acquisition of the remaining interest in the Southeast Texas System from its general partner, DCP Midstream LLC, Fitch said, and to repay all outstanding borrowings under its existing term loan.

If the Southeast Texas transaction is not consummated, DCP Midstream Partners will use the proceeds to pay down revolver borrowings and the outstanding term loan, the agency said.

The ratings reflect the significant benefits and strong operational and financial linkage that DCP Midstream has with its sponsor and general partner, DCP Midstream and indirectly with DCP Midstream's owners, Spectra Energy Corp. and ConocoPhillips Inc., Fitch said.

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