MUMBAI (Thomson Financial) - Moody's Investors Service said it has assigned
its 'B2' senior unsecured rating to MarkWest Energy Partners, L.P.'s proposed
$250 million note issue.
The company has obtained a waiver under its credit agreement to apply the
first $150 million of the net note proceeds to fund a portion of its 2008
capital spending program. The remainder will be used to pay down its $225
million secured term loan incurred to partially fund its acquisition of MarkWest
Hydrocarbon, which closed in February of this year.
Moody's also affirmed the company's 'B1' corporate family and probability of
default rating, and its 'B2' senior unsecured note ratings and 'SGL-3'
speculative grade liquidity rating with a stable outlook.
The ratings affirmation reflects the successful consummation of its merger
with MarkWest Hydrocarbon. It also reflects MarkWest's continued strong
fundamental operating performance, including increasing volumes in its Woodford
Shale gas gathering system in Oklahoma, and expectations that cash flow will
continue to grow, Moody's said.
TFN.newsdesk@thomson.com
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