Research Update: Magellan Midstream Partners L.P. Ratings Lowered To 'BBB' And Withdrawn Following ONEOK Acquisition Close

On Sept. 25, 2023, ONEOK Inc. (BBB/Stable/--) completed its acquisition of Magellan Midstream Partners L.P. As a result, on Sept. 27, 2023, S&P Global Ratings lowered its issuer credit rating and senior unsecured issue-level ratings on Magellan to 'BBB' from 'BBB+' and removed the ratings from CreditWatch, where we placed them with negative implications on May 16, 2023. The outlook is stable. We subsequently withdrew our issuer credit rating and 'A-2' short term rating on Magellan due to ONEOK Inc.'s completion of the Magellan acquisition. The rating actions follow the closing of ONEOK's acquisition of Magellan. We lowered our issuer credit rating and senior unsecured issue level ratings on Magellan to 'BBB' to equalize them with the rating on ONEOK

...- On Sept. 25, 2023, ONEOK Inc. (###/Stable/--) completed its acquisition of Magellan Midstream Partners L.P. - As a result, on Sept. 27, 2023, S&P Global Ratings lowered its issuer credit rating and senior unsecured issue-level ratings on Magellan to '###' from '###+' and removed the ratings from CreditWatch, where we placed them with negative implications on May 16, 2023. The outlook is stable. - We subsequently withdrew our issuer credit rating and 'A-2' short term rating on Magellan due to ONEOK Inc.'s completion of the Magellan acquisition....

Research Update