S&P cuts, pulls Magellan Midstream

S&P said it lowered its issuer and senior unsecured debt ratings on Magellan Midstream Partners LP to BBB from BBB+ and removed the ratings from CreditWatch, where it placed them with negative implications on May 16. The outlook is stable. The agency then withdrew Magellan’s ratings.

“The rating actions follow the closing of Oneok's acquisition of Magellan. We lowered our issuer credit rating and senior unsecured issue-level ratings on Magellan to BBB to equalize them with the rating on Oneok because we now consider Magellan to be a core entity of Oneok,” S&P said in a press release.

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