Moody's affirms Atlas Pipeline, gives notes B3

Moody's Investors Service said it affirmed Atlas Pipeline Partners, LP's B1 corporate family rating and changed its outlook to stable from negative.

Moody's said it assigned a B3 rating (LGD-5, 82%) to Atlas' proposed $300 million of senior unsecured notes due 2018 and changed the LGD point estimate on its existing 8.125% senior unsecured notes due 2015 to LGD-5 (82%) from LGD-6 (90%).

Moody's said it upgraded Atlas' senior secured credit facilities to Ba2 (LGD-2, 27%) from Ba3 (LGD-3, 39%) due to the reduced proportion of senior secured debt in the capital structure.

Proceeds from the proposed notes will be used to repay borrowings under the credit facilities, the agency noted, adding that Atlas' B1 CFR continues to reflect its size and moderate leverage relative to similarly rated Ba3/B1 peers, including Copano Energy, MarkWest Energy Partners, Regency Energy Partners and Targa Resources Partners.

© 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.