Moody’s upgrades RBS debt

Moody's Investors Service said it upgraded the long-term senior unsecured debt ratings of Royal Bank of Scotland Group plc to Baa2 from Baa3 and the short-term commercial paper ratings to P-2 from P-3.

The agency changed the outlook to positive from stable on the senior unsecured debt and affirmed all ratings of NatWest Markets plc, NatWest Markets NV, National Westminster Bank plc, Royal Bank of Scotland plc and Ulster Bank Ltd.

At the same time the agency changed the outlook to positive from stable on the senior debt and deposit ratings of NatWest Markets and NatWest Markets NV, and changed the outlook to positive from stable on the deposit rating of NatWest Bank, Royal Bank of Scotland and Ulster Bank.

Moody’s said the upgrade reflects the stronger standalone credit profile of the group, as well as an expectation that the group's profitability will increase in the medium-term as it has settled major legal disputes and continues its multi-year restructuring, leading to a group notional baseline credit assessment of baa2.

S&P rates Energy Transfer preferreds BB

S&P said it assigned its BB issue-level rating to Energy Transfer Partners LP's series D fixed-to-floating rate cumulative redeemable perpetual preferred units.

The partnership intends to use the net proceeds to repay amounts outstanding under its revolving credit facility and for general partnership purposes.

The issuer credit rating on the company is BBB-, and the outlook is stable, S&P said.

Fitch rates Energy Transfer preferreds BB

Fitch Ratings said it assigned a BB preferred equity rating to Energy Transfer Partners, LP's proposed offering of series D perpetual preferred units.

The agency said the company’s ratings reflect the size and scale of its operations, which offer both business line diversity and geographic diversity, with operations spanning most major domestic production basins.

The ratings also consider the company’s current high adjusted leverage, the agency added.

Fitch said it expects this leverage to improve as projects are completed and capital spending moderates.

Additional concerns include construction and regulatory risks, volumetric risks, structural subordination to subsidiary debt and uncertainties resulting from potential future structural changes, Fitch said.

Moody’s rates Energy Transfer preferreds Ba2

Moody's Investors Service said it assigned a Ba2 rating to Energy Transfer Partners, LP's proposed series D fixed-to-floating cumulative redeemable perpetual preferred units.

The Baa3 senior unsecured rating, the Ba1 junior subordinated notes rating and the P-3 commercial paper rating were not affected by the action, the agency said.

The outlook is negative.

“The proposed preferred units are rated Ba2, two notches below ETP's Baa3 senior unsecured rating, reflecting their subordination to all of the company's existing senior unsecured notes, its unsecured revolving credit facility and its subordinated notes,” Moody’s said in a news release.

DBRS: Banco de Sabadell trend now positive

DBRS said it confirmed Banco de Sabadell SA’s ratings, including the long-term issuer rating of BBB (high), the short-term issuer rating of R-1 (low), the long term critical obligations rating (COR) of A, and the short-term COR of R-1 (low).

The trend on the long-term ratings and the short-term COR has been changed to positive, whereas the trend on the short-term ratings, except for the short-term COR, remain stable.

The bank’s intrinsic assessment remains at BBB (high), and the support assessment remains SA3.

“The confirmation of the ratings and the change of trend to positive reflects the group’s sound capitalisation and continued improvement in asset quality and core profitability in Spain,” DBRS said in a news release.

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