Oct 9 () - Standard & Poor's Ratings Servicessaid today that it left its 'BB+' issue-level rating and its '3' recoveryrating unchanged on Western Gas Partner L.P.'s (BB+/Positive/--) existing $520million 4% notes due 2022 after the partnership announced it proposed to makean 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 netproceeds for general corporate purposes. Pro forma for the issuance, we expectthe 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 agrowth-oriented Delaware limited partnership formed by Anadarko PetroleumCorp. to own, operate, acquire, and develop midstream energy assets.
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(New York Ratings Team)