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. We placed our ratings on MMP on CreditWatch with negative implications to reflect the likelihood that
