DCP Midstream Partners Receives Investment Grade Credit Rating From Fitch Ratings
DENVER, May 10 /PRNewswire-FirstCall/ -- DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) today announced that it has received an investment grade rating of BBB-/Stable from Fitch Ratings (Fitch). Fitch indicated that in addition to the Partnership's stand-alone credit strengths that include relatively predictable cash flows supported by the company's portfolio of fee-based assets, including margins from its wholesale propane business, an active hedging program that significantly mitigates commodity price exposure, and the strategic location of its midstream assets, which touch several core U.S. natural gas producing basins, the rating reflects the significant benefits and strong credit linkage with its sponsor, DCP Midstream, LLC (DCP Midstream), which is rated BBB/Stable by Fitch. Fitch also cited that since its IPO in late 2005, the Partnership has managed its capital structure to steadily improve credit metrics.
"The rating from Fitch represents our second investment grade rating, marking another key milestone in the successful execution of our accelerated investment grade plan," said Mark A. Borer, president and chief executive officer of the Partnership. "It speaks to the strength of our business model, asset base, and performance, as well as the strength of our sponsor, DCP Midstream, and the relationship that we have. We believe that our investment grade positioning can be a differentiator as we continue to grow the Partnership."
The Partnership is 35 percent owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips. DCP Midstream is one of the nation's top three largest natural gas gatherers and processors, the largest natural gas liquids producer and one of the largest marketers in the U.S.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, processes, transports and markets natural gas, transports and markets natural gas liquids, and is a leading wholesale distributor of propane. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips.
This press release contains forward-looking statements as defined under the federal securities laws regarding DCP Midstream Partners, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond our control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership's actual results may vary materially from what management anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the disclosures and risk factors contained in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Information contained in this press release is unaudited, and is subject to change.
SOURCE DCP Midstream Partners, LP
Contact: media and investor relations, Angela A. Minas, +1-303-633-2900, or 24-Hour, +1-303-807-7018, both of DCP Midstream Partners, LP