Crestwood Holdings LLC -- Moody's upgrades Crestwood's ratings upon completion of merger

New York, October 16, 2013 -- Moody's Investors Service took a number of rating actions following Crestwood's merger with Inergy. Moody's affirmed Inergy Midstream, L.P.'s (NRGM; now known as Crestwood Midstream Partners LP, or Crestwood) Ba3 Corporate Family Rating (CFR) and confirmed Crestwood Holdings LLC's B2 CFR. Moody's affirmed Crestwood's $500 million senior unsecured notes (originally issued by NRGM) due 2020 at B1 and upgraded its $350 million senior unsecured notes due 2019 to B1 from B3. Moody's upgraded Crestwood Holdings' secured term loan to B2 from Caa1. This concludes the ratings review for Crestwood Holdings and Crestwood Midstream's notes, which commenced on May 7, 2013 following announcement of a merger between Crestwood Holdings and Crestwood Midstream, and Inergy, L.P. and NRGM (collectively, Inergy). The outlook is stable for all companies.

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