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Moody's rates MarkWest loans B1, cuts notes to B2
Moody's Investors Service said it assigned a B1 rating to MarkWest Energy Operating Co. LLC's proposed $615 million senior secured credit facilities, lowered the ratings of MarkWest's senior unsecured notes to B2 from B1 and affirmed MarkWest's B1 corporate family fating and speculative grade liquidity rating at SGL-3.
The outlook was changed to stable from positive.
MarkWest purchased the Javelina gas processing and fractionation facility for $355 million plus working capital on Nov. 1. Parent MarkWest Energy Partners LP funded this acquisition with $74 million of private equity and new one-year $500 million credit facilities, consisting of a $400 million term loan (subsequently reduced to $376 million) and a $100 million revolver ($21 million drawn).
MarkWest's ratings reflect its increased size and scale and its improved diversification, the agency said. These positive factors are offset by its higher leverage after the acquisition.
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