S&P affirms Targa Resources

Standard & Poor’s said it affirmed its BB+ corporate credit and senior unsecured ratings on Targa Resources Partners LP.

S&P removed the ratings from CreditWatch positive, where S&P placed them on Oct. 13. The outlook is stable.

The recovery rating on the debt remains 4, indicating an expectation of meaningful (30% to 50%) recovery to creditors if a payment default occurs.

“The actions reflect our reduced oil and natural gas price assumptions and our revised estimates for Targa’s EBITDA and financial leverage in 2015 and 2016,” said S&P credit analyst Nora Pickens in a news release.

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