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S&P upgrades Access Midstream
Standard & Poor's said it raised the corporate credit rating on Access Midstream Partners LP to BB+ from BB.
The agency also said it raised the rating on Access Midstream's senior unsecured debt to BB+ from BB-. The 4 recovery rating is unchanged.
The outlook is stable.
The ratings reflect Access Midstream's improved counterparty risk related to Chesapeake Energy Corp. following Chesapeake's recent upgrade to BB+ from BB-, said Nora Pickens, an S&P analyst.
Access Midstream's counterparty exposure to Chesapeake, which accounts for about 75% of 2014 cash flow, caps the ratings at this time, Pickens said in a press release.
Access has a satisfactory business risk profile and significant financial risk profile, the analyst added.
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