S&P: MarkWest unaffected

Standard & Poor's said its ratings and outlook on MarkWest Energy Partners LP (B+/stable/--) would not immediately be affected by the company's announcement that its 2004 Form 10-K filing would be delayed beyond the extended deadline of March 31.

S&P said MarkWest has identified material weaknesses in its internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act, primarily involving its Southwest business unit's accounts receivable processing, account reconciliation, accrual and cutoff procedures and review procedures.

The company expects to file its Form 10-K in the near future and has received waivers from its banks under its revolving credit facilities.

Although the filing delay does not have an immediate impact on the company's ratings, S&P said it may reassess its view if the delay becomes longer than expected or the material weaknesses have a significant impact on earnings or cash flow or otherwise reduce liquidity.

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