Fitch gives DCP notes BBB

Fitch Ratings said it assigned a BBB rating to DCP Midstream, LLC's offering of $600 million of senior unsecured notes due 2020.

Net proceeds from the offering are expected to be used to repay a portion of DCP's existing $800 million of senior notes due in August 2010, the agency said, adding that the proposed notes will rank pari passu with DCP's existing senior unsecured notes.

The issuer default rating is BBB, and the outlook is stable.

Fitch added that the stable outlook and BBB rating reflect the scale and diversity of DCP's asset base, including a footprint across several key North American gas producing regions, including high growth shale plays.

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