DCP Midstream L.P.#s Proposed Series A Perpetual Preferred Stock Rated #B#

Stocks and Financial Services Press Releases Thursday November 9, 2017 09:12
NEW YORK--9 Nov--S&P Global Ratings

NEW YORK (S&P Global Ratings) Nov. 8, 2017--S&P Global Ratings today assigned its 'B' issue-level rating to DCP Midstream L.P.'s proposed series A perpetual preferred stock. We classify the issuance as having intermediate equity credit, reflecting our view that the issue meets our standards for intermediate equity classification, including permanence, subordination, and deferability. The partnership intends to use net proceeds of the offering for general partnership purposes, including repaying the $500 million senior notes due December 2017.

Denver-based DCP Midstream is a midstream energy master limited partnership. The partnership is one of the largest producers of natural gas liquids and one of the largest natural gas processing companies in the U.S.


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