Moody's Investors Service on Tuesday raised the ratings outlook Atlas Pipeline Partners LP to "Stable" from "Negative," citing the pipeline operator's integration of assets of Anadarko Petroleum Corp. last year and strong volume growth.
Moon Township, Pa.-based Atlas bought $1.85 billion in natural gas gathering systems and processing plants from oil and natural gas producer Anadarko in June of last year.
Moody's assigned a "B3" rating to Atlas' proposed $300 million in senior unsecured notes due 2018, announced Monday, and affirmed its "B1" corporate family rating.
Atlas shares fell 35 cents to $39.90 in afternoon trading.
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