Moody's drops Atlas Pipeline

Moody's Investors Service said it downgraded Atlas Pipeline Partners, LP's corporate family rating and probability of default rating to B3 from B1, its secured bank facility and secured term loan to B1 from Ba2, and its unsecured senior note rating to Caa2 (LGD 5, 84%) from B3 (LGD 5, 82%).

This concludes the rating review begun on March 16, reflecting weak operating performance and constrained liquidity, the agency said.

The outlook is negative.

According to Moody's, the downgrade reflects the ongoing weak operating performance, weak commodity prices and difficult business environment.

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