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S&P: Hiland on positive watch
Standard & Poor’s said it placed the B corporate credit and senior unsecured ratings on Hiland Partners LP on CreditWatch with positive implications.
Kinder Morgan Inc. recently announced plans to acquire Hiland Partners from its founder, Harold Hamm, and certain Hamm family trusts, for about $3 billion, S&P said.
As part of the transaction, Kinder will assume about $1.3 billion of Hiland’s debt, the agency said.
The positive watch reflects an expectation that the ratings could get upgraded to BBB- in line with those of Kinder when the transaction closes, assuming Kinder guarantees the Hiland debt, S&P said.
The transaction purchase price of $3 billion includes Hiland’s $1.3 billion of reported debt that Kinder will assume, the agency said.
S&P said it expects to resolve the CreditWatch listing when the proposed transaction closes, currently expected in the first quarter of 2015.
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