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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