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Moody's: MarkWest notes at B1
Moody's Investors Service said it assigned a B1 (LGD4, 65%) rating to MarkWest Energy Partners, LP's proposed $170 million add-on to its senior notes due 2021.
The corporate family rating of Ba3 and stable outlook were not affected.
MarkWest plans to use the proceeds of the add-on note offering to complete the tender offer for up to $170 million of its 8¾% senior notes due 2018.
The B1 rating incorporates an expectation for negative free cash flow into the foreseeable future due to a high dividend payout ratio and due to projections for significant growth capital expenditures, the agency said.
MarkWest has made strides to limit its exposure to commodity price volatility and has issued equity from time to time to maintain financial flexibility, the agency added.
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