NEW YORK (Standard & Poor‘s) Nov. 8, 2012--Standard & Poor’s Ratings Services said today that its ‘B-’ issue rating and ‘5’ recovery rating on Crestwood Midstream Partners L.P.’s notes remains unaffected by Crestwood’s intention to increase its existing senior-secured notes due 2019 to $350 million from $200 million.
The partnership plans to use proceeds to repay borrowings under its revolving credit facility. Crestwood is a midstream energy partnership that specializes in the gathering, processing, and transportation of natural gas and natural gas liquids.
Our corporate credit rating on Crestwood is ‘B-', and the outlook is stable. As of Sept. 30, 2012, Crestwood had about $533 million in debt.
Crestwood Holdings LLC
Corporate Credit Rating B-/Stable/--
Crestwood Midstream Partners L.P.
Crestwood Midstream Finance Corp.
$350 mil 7.75% senior unsecured notes due 2019 B-
Recovery Rating 4