Moody’s gives Targa notes Baa3

Moody’s Investors Service said it gave Baa3 ratings to Targa Resources Corp.’s new senior unsecured notes.

The Baa3 ratings for Targa and Targa Resources Partners LP are unchanged, the agency said.

Targa will use part of the proceeds to fund its purchase of Blackstone Energy Partners' 25% interest in Grand Prix NGL Pipeline (Grand Prix) for $1.05 billion in cash. Targa already owns 75% of Grand Prix. The rest will be used to reduce Targa's revolver borrowings and commercial paper.

The outlook is stable.

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