S&P: Atlas Pipeline on watch

Standard & Poor's said it placed its BB- corporate credit rating on Atlas Pipeline Partners LP on CreditWatch with negative implications.

The rating action follows Atlas Energy Resources' announcement of its agreement to acquire DTE Gas & Oil Co., a subsidiary of DTE Energy Co., for $1.225 billion, the agency said, noting that the purchase price will be funded with a $600 million equity private placement and the company's $850 million senior secured revolving credit facility.

The CreditWatch listing reflects S&P's concerns that Atlas Energy's large acquisition could affect Atlas Pipeline's credit quality or its strategic direction, given the influence of its general partner owner, Atlas Pipeline Holdings LP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.