S&P upgrades Western Gas

Standard & Poor's said it raised the corporate credit and senior unsecured debt ratings on Western Gas Partners LP to BBB- from BB+.

The outlook is stable.

The ratings reflect the company's satisfactory business risk profile and significant financial risk profile, S&P said.

The partnership's creditworthiness benefits from high strategic importance to and tight integration with parent, Anadarko Petroleum Corp., the agency said.

The upgrade reflects Western Gas's increased scale and diversity, as well as its longer track record of managing a 3.5x debt-to-EBITDA ratio as it pursues growth opportunities, said Manish Consul, an S&P analyst.

Its cash flow stability represents its primary credit strength, Consul said.

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