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S&P affirms Kinder Morgan Canada
S&P said it affirmed its BBB corporate credit rating on Kinder Morgan Canada Ltd. and its operating subsidiary Kinder Morgan Cochin ULC.
The outlook is stable.
The agency said it completed its review of Kinder Morgan Canada following the company's announcement that Canada agreed to purchase the Trans Mountain Pipeline system and the expansion project for C$4.5 billion.
Kinder Morgan’s board will work with the Canadian government to find a third-party buyer for Trans Mountain and the project through July 22.
S&P said it expects that the company will maintain a pro forma credit profile consistent with a mid-BBB rating.
“We assume that KML's financial risk profile will be no worse than intermediate in 2019, as we wait to see how the company redeploys capital it will receive from the sale of the Trans Mountain pipeline and its expansion project,” the agency said in a news release.
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