Magellan Midstream Partners L.P. Ratings Placed On CreditWatch Negative On Acquisition By ONEOK Inc.

On May 14, 2023, Magellan Midstream Partners L.P. (MMP) announced that it had executed a definitive agreement to be acquired by ONEOK Inc. in a cash and stock transaction valued at approximately $18.8 billion, including the assumption of debt. We placed our 'BBB+' issuer credit rating on MMP and our 'BBB+' issue-level rating on its unsecured debt on CreditWatch with negative implications. The CreditWatch placement reflects our expectation that we will lower our ratings on MMP following the close of the acquisition. We expect to resolve the CreditWatch after the proposed transaction closes, which we anticipate will occur in the third quarter of 2023. NEW YORK (S&P Global Ratings) May 16, 2023—S&P Global Ratings today took the rating actions listed

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