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S&P rates MarkWest notes B+
Standard & Poor's said it assigned its B+ corporate credit rating to midstream natural gas master limited partnership MarkWest Energy Partners LP and assigned its B+ rating to the company's proposed $200 million senior unsecured notes due 2014.
The outlook is stable.
Proceeds from the note offering will be used to repay the amount currently drawn under the company's bank credit facility and for general corporate purposes. The borrowings were used to complete the company's acquisition of gas gathering and processing assets in eastern Texas for $240 million.
S&P said the ratings for MarkWest reflect a below-average business and financial profile that incorporates the influence of the credit quality of its general partner, MarkWest Hydrocarbon Inc.
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