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Moody's: MarkWest notes Ba3
Moody's Investors Service said it assigned a Ba3 rating to MarkWest Energy Partners, LP and MarkWest Energy Finance Corp.'s proposed $500 million senior unsecured notes due 2022.
The Ba2 corporate family rating is unchanged.
The outlook remains stable.
The proceeds will be used to finance a tender offer for its $334 million of 8¾% senior unsecured notes due in 2018. The notes also will be used to refinance higher coupon senior unsecured debt and follows a recently completed $250 million equity offering, the agency said.
Both actions are credit positive, but not to a magnitude that would lead to a rating change as its corporate family rating was upgraded in August, Moody's said.
The ratings incorporate the expectation for continuing negative free cash flow combined with exposure to varying levels of commodity price and volume risk, the agency added.
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