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Moody’s assigns MPLX notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to MPLX LP's proposed offering of $400 million senior unsecured notes due 2025.
The outlook is stable.
Proceeds will be used for debt repayment, acquisition financing and for general corporate purposes.
MPLX is a publicly traded master limited partnership whose 2% general partnership (GP) interest and 100% of its incentive distribution rights are owned by Marathon Petroleum Corp. (MPC, Baa2 stable), who also holds a 69.5% limited partnership interest in MPLX.
"MPLX's Baa3 rating reflects its strategic importance to and high percentage of contracted, fee-based revenues generated through its parent company and general partner, MPC," Moody's vice president Andrew Brooks said in a news release.
"Despite its limited track record and modest scale, MPLX has a highly visible growth plan that Moody's expects will continue to be supported by its GP with fee-based, long-term contracts."
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