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Global Credit Research - 13 Sep 2010
Approximately $1.9 billion of debt securities affected
New York, September 13, 2010 -- Moody's Investors Service assigned a Ba3 rating to Inergy,
L.P.'s (NRGY) proposed $600 million senior
unsecured notes offering. The outlook is stable.
..Issuer: Inergy, L.P.
....Senior Unsecured Regular Bond/Debenture,
Downgraded to LGD4, 66% from LGD4, 65%
..Issuer: Inergy, L.P.
....Senior Unsecured Regular Bond/Debenture,
Assigned Ba3, LGD4, 66%
Proceeds from the new notes offering will be used to partially fund the
acquisition of Tres Palacios. The $725 million total consideration
for Tres Palacios is also being funded by approximately $400 million
of new common units issued by Inergy. The issuance of these notes
was contemplated by Moody's when Inergy announced its acquisition
of Tres Palacios on September 7, 2010.
The Tres Palacios acquisition is in-line with Inergy's strategic
plans to grow its midstream business, with a focus on the higher
margin, less volatile natural gas storage business. This
acquisition will enhance Inergy's overall cash flow stability and
position Inergy as one of the largest independent natural gas storage
operator in the United States.
Given the amount of equity being raised to fund the acquisition,
Inergy's overall leverage profile will remain in-line with
current levels with the expectation it will improve into 2011.
The outlook and ratings would be pressured if leverage rises from current
levels and remains above 4.0x for an extended period. Conversely,
a positive outlook or upgrade would be considered if the company continues
to improve its business profile and brings leverage to well under 3.5x
on a sustainable basis.
The last rating action on NRGY was on August 24, 2010 when we upgraded
The principal methodology used in rating Inergy, L.P.
was Midstream Energy Companies & Partnerships rating methodology published
in September 2007. Other methodologies and factors that may have
been considered in the process of rating this issuer can also be found
on Moody's website.
NRGY, headquartered in Kansas City, MO, is a publicly
traded master limited partnership (MLP) that owns and operates one of
the largest geographically diverse retail and wholesale propane supply,
marketing, and distribution businesses in the United States.
NRGY also owns and operates a natural gas storage facility located approximately
150 miles northwest of New York City and a natural gas liquids business
located near Bakersfield, California.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information,
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
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in assigning a credit rating is of sufficient quality and from sources
MOODY'S considers to be reliable including, when appropriate,
independent third-party sources. However, MOODY'S
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's rates Inergy's new notes Ba3
250 Greenwich Street
New York, NY 10007
No Related Data.
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