S&P rates Midcontinent Express notes BBB

Standard & Poor's said it assigned its BBB corporate credit rating to Midcontinent Express Pipeline LLC and assigned a BBB rating to its $800 million senior unsecured note issue.

The outlook is stable.

Midcontinent Express intends to use the proceeds from the note issuance to repay borrowings under its revolving credit facility.

S&P said the ratings on Midcontinent Express reflect its consolidated credit profile, which is characterized by an excellent business risk profile and significant financial risk profile.

Midcontinent Express is a 50/50 joint venture between Kinder Morgan Energy Partners LP and Energy Transfer Partners LP.

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