Moody’s rates Targa Resources notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Targa Resources Partners LP's (TRP) proposed $800 million total offering of senior unsecured notes due 2025 and 2027.

Proceeds will be used to fund the announced tender offer on the company’s outstanding series of unsecured notes due 2018, 2020 and 2021.

The Ba2 corporate family rating, negative outlook and all other ratings are unchanged.

"TRP's debt-funded tender offer is a modest positive, as it will result in an improved maturity schedule," Moody's vice president, senior analyst Arvinder Saluja said in a news release.

"However, our expectations for potential weakness in TRP's credit metrics are unchanged, as reflected in the negative outlook."

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