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NEW YORK - Credit-ratings agency Fitch Ratings on Tuesday lowered its debt ratings on DCP Midstream LLC, based on expectations that the recent decline in commodity prices will cut into the natural gas processor's 2009 financial results.
Fitch downgraded the company's senior unsecured debt and issuer default rating to BBB from BBB+.
"DCPM does not hedge its commodity price exposure and the recent decline in prices is expected to result in 2009 earnings before interest, taxes, depreciation and amortization of less than half fiscal 2008 levels," said Fitch analyst Joseph Sorce.
Sorce also revised the rating outlook to "Stable" from "Negative," citing the company's scale and diversity of assets and operations that extend into key gas producing regions, including high-growth shale plays.
Shares of DCP Midstream rose 64 cents, or 3 percent, to $22.29.
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