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S&P: Targa preferreds B+
Standard & Poor’s said it assigned a B+ rating to Targa Resources Partners LP’s class A preferred units.
The rating reflects three notches of subordination to Targa’s BB+ corporate credit rating.
The agency said it expects Targa to use proceeds from the offering to reduce borrowings under its revolving credit facility and for general corporate purposes.
The preferred-shares issuance does not affect the company’s BB+ corporate credit rating, S&P said.
The agency said it expects adjusted debt leverage to be just more than 5x in 2016.
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