S&P affirms GulfTerra

Standard & Poor's said it affirmed its BB+ corporate credit rating on GulfTerra Energy Partners LP and removed the rating from CreditWatch with negative implications following completion of the partnership's merger with Enterprise Products Partners LP.

S&P also affirmed the company's senior secured debt at BB+, senior unsecured debt at BB, and subordinated debt at BB-.

The outlook is stable.

S&P said the ratings and outlook on GulfTerra have been equalized with those on Enterprise as a result of the merger. Additionally, Enterprise has tendered for all of the outstanding notes of GulfTerra. If all, or virtually all, of the debt of GulfTerra is tendered, the ratings on GulfTerra will likely be withdrawn.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.