Moody's ups Atlas Pipeline

Moody's Investors Service said it upgraded the corporate family and probability-of-default ratings of Atlas Pipeline Partners, LP to B2 with a positive outlook following the completion of the sale of the Elk City gas gathering and processing system for $682 million and the planned sale of its 49% interest in the Laurel Mountain Midstream joint venture for $403 million.

The action also affected the senior unsecured note rating, which was upgraded to B3 from Caa2 and the rating for the senior secured bank credit facility, which was changed to Ba2 from B1.

The partnership's speculative grade liquidity rating improved to SGL3 from SGL4 reflecting the improved liquidity position for the partnership following the closing of the sale of the Elk City system, Moody's said.

The B2 corporate family rating reflects the partnership's improved capital structure and liquidity position, which are offset by its increased asset concentration in the Mid-Continent area, its business exposure to throughput volumes and commodity prices, and the risks which arise from a MLP corporate structure, the agency noted.

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