S&P: Atlas Pipeline notes B

Standard & Poor's said it assigned its B issue rating and 5 recovery rating to Atlas Pipeline Partners LP's $300 million senior unsecured notes offering.

The partnership intends to use proceeds to repay borrowings under its revolving credit facility.

Atlas is a midstream energy partnership that specializes in natural gas gathering and processing and the transportation of natural gas liquids.

The corporate credit rating on Atlas is B+ and the outlook is stable. As of June 30, S&P said Atlas had about $713 million in debt, a debt to EBITDA ratio of about 4x and adequate liquidity.

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