Magellan Midstream Partner L.P is issuing $1 billion in commercial paper. We are assigning our 'A-2' short-term corporate credit and commercial paper ratings to the company We expect Magellan to use the commercial paper like a revolving credit facility, for general corporate purposes. We expect around $200 million outstanding most of the time, and expect that to build up to around $450 million to $500 million from time to time before being termed with bond deals. On May 1, 2014, Standard&Poor's Ratings Services assigned its 'A-2' rating to Magellan Midstream Partners L.P.'s commercial paper program, as well as an 'A-2' short-term corporate credit rating. The short-term ratings are consistent with Magellan's long-term ratings of 'BBB+' (see criteria listed
