Targa Resources Partners L.P.'s New $750 Million Senior Unsecured Notes Rated 'BB' (Recovery Rating '3')


NEW YORK (S&P Global Ratings) Jan. 10, 2019--S&P Global Ratings today assigned 
its 'BB' issue-level rating and '3' recovery rating to Targa Resources 
Partners L.P. 
's and subsidiary Targa Resources Partners Finance Corp.'s 
proposed $750 million senior unsecured notes due in 2027. The '3' recovery 
rating indicates our expectation for meaningful (50%-70%; rounded estimate: 
65%) recovery in a payment default scenario.
The partnership intends to use the net proceeds to refinance debt under its 
credit facilities and for general corporate purposes, which may include 
partial or full redemption of the partnership's senior notes due in 2019.

Houston-based Targa is a midstream energy partnership that specializes in 
natural gas gathering and processing, fractionating and distributing natural 
gas liquids, and crude oil logistics.

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