OREANDA-NEWS. S&P Global Ratings today assigned its 'BB-' issue-level rating and '4' recovery rating to Targa Resources Partners L. P. and subsidiary Targa Resources Partners Finance Corp.'s proposed $800 million senior unsecured notes due 2025 and 2027. The '4' recovery rating indicates our expectation for average (30%-50%; upper half of the range) recovery in a payment default scenario.

The partnership intends to use the net proceeds from the notes to tender its 5% senior unsecured notes due 2018, 6.625% senior notes due 2020, and 6.875% senior notes due 2021. As of June 30, 2016, Targa had total balance sheet debt of about $5 billion.

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