S&P: DCP Midstream notes BBB-

Standard & Poor's said it assigned a BBB- rating to DCP Midstream Operating LP's proposed $350 million senior unsecured notes due 2022.

The debt is guaranteed by parent DCP Midstream Partners LP.

The proceeds will be used to pay the cash portion of the Southeast Texas asset purchase, pay expenses associated with the transaction, repay all outstanding borrowings under the partnership's $135 million loan facility and for general corporate purposes.

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