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Moody's rates Regency Energy notes B1
Moody's Investors Service said it assigned a B1 rating to Regency Energy Partners LP and co-issuer Regency Energy Finance Corp.'s senior unsecured notes due 2020.
Proceeds will be used to repay borrowings outstanding under Regency's revolving credit facility.
The outlook is positive.
"The notes offering will provide liquidity to further fund Regency's growth projects, notably the company's ongoing investments in increasingly fee-based midstream infrastructure," Moody's vice president Andrew Brooks said in a news release.
"While Regency's current debt leverage is elevated, incremental EBITDA accruing from recent growth projects and acquisitions is expected to begin stabilizing leverage in 2013, followed by reductions in 2014."
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