S&P applies BB to MarkWest notes

Standard & Poor's said it assigned its BB issue-level rating and 4 recovery rating to MarkWest Energy Partners LP's and MarkWest Energy Finance Corp.'s $500 million senior unsecured notes offering due 2024.

The 4 recovery rating indicates an expectation of average (30% to 50%) recovery if a payment default occurs.

The partnership intends to use net proceeds to repay outstanding borrowings under its revolving credit facility, to fund capital spending and for general partnership purposes.

As of Sept. 30, the partnership had $3.5 billion of reported debt.

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