S&P rates Inergy notes BB

Standard & Poor's said it assigned its BB corporate credit rating to Inergy Midstream LP.

At the same time, the agency said it assigned an issue-level rating of BB and a recovery rating of 4 to the partnership's and NRGM Finance Corp.'s $400 million senior unsecured notes due 2020. The 4 recovery rating indicates that lenders can expect average recovery if a payment default occurs.

The outlook is stable.

S&P said its rating on Inergy Midstream reflects the consolidated credit profile with parent Inergy LP and the partnership's fair business risk profile and significant financial risk profile. Inergy L.P.

"We base the fair business risk profile on the partnership's position as a midstream energy provider focused mainly on natural gas storage operations in the Northeast U.S. and Texas, natural gas transportation and natural gas liquids and crude oil logistics and storage," said S&P credit analyst Michael Grande in a news release.

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