TEXT-S&P: Western Gas rating unchanged after note add-on

Oct 9 () - Standard & Poor's Ratings Services said today that it left its 'BB+' issue-level rating and its '3' recovery rating unchanged on Western Gas Partner L.P.'s (BB+/Positive/--) existing $520 million 4% notes due 2022 after the partnership announced it proposed to make an add-on of up to $150 million to the issue.

The '3' recovery rating indicates our expectation of meaningful (50% to 70%) recovery if a payment default occurs. The partnership intends to use the net proceeds for general corporate purposes. Pro forma for the issuance, we expect the partnership's debt to EBITDA ratio to be below 3.5x over the next year.

Houston, Texas-based master limited partnership Western Gas Partners is a growth-oriented Delaware limited partnership formed by Anadarko Petroleum Corp. to own, operate, acquire, and develop midstream energy assets.

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(New York Ratings Team)

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