S&P gives BB- to Crestwood Midstream notes

S&P said it assigned its BB- issue-level rating and 4 recovery rating to Crestwood Midstream Partners LP's and Crestwood Midstream Finance Corp.'s proposed senior unsecured note offering due 2025.

The 4 recovery rating indicates an expectation of average (30% to 50%; rounded estimate: 30%) recovery in the event of a payment default.

The partnership intends to use net proceeds, together with borrowings under its revolving credit facility, to fund the tender of its existing 2020 and 2022 notes. It expects to use any remaining proceeds for general partnership purposes.

As of Dec. 31, the company had about $1.5 billion of reported debt.

Crestwood Midstream Partners’ corporate credit rating is BB- and the outlook is negative.

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