Targa Resources Gets Debt Rating Boost (TGLS)
Natural gas pipeline MLP Targa Resources Partners L.P. (NYSE: NGLS) received an upgrade to its credit rating today from Moody’s. The ratings firm lifted its rating on the company’s debt from ‘Ba3’ to ‘Ba2’, just two notches below investment grade.…
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Natural gas pipeline MLP Targa Resources Partners L.P. (NYSE: NGLS) received an upgrade to its credit rating today from Moody’s. The ratings firm lifted its rating on the company’s debt from ‘Ba3’ to ‘Ba2’, just two notches below investment grade.
The upgrade resulted from the company’s lowered debt level and, according to a Moody’s analyst, “[Targa’s] cash flow is becoming more durable resulting in an improving business profile.” Moody’s did include a caution statement related to Targa’s exposure to commodity price risk and throughput volume if natural gas or natural gas liquids production should decline.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
