Fitch rates MPLX notes BBB

Fitch Ratings said it assigned a BBB rating to MPLX LP's planned senior unsecured notes.

“The BBB rating reflects its strategic and operating ties with Marathon Petroleum Corp. (MPC; BBB/stable), its largest counterparty. Other key factors are the scope and scale of its operations, geographic diversity, largely stable cash flows and low leverage,” the agency said in a press release.

MPLX will use the proceeds for the redemption of preferred units and to repay notes coming due in 2023.

The outlook is stable.

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