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Fitch affirms MidContinent Express Pipeline
Fitch Ratings said it affirmed MidContinent Express Pipeline LLC's issuer default rating at BBB, senior unsecured debt at BBB and short-term issuer default rating at F2.
The outlook is stable.
Ratings reflect the cash flow stability of a single asset Federal Energy Regulatory Commission regulated pipeline that is supported by long-term contracts with a diverse set of counterparties with improving credit profiles, the agency said.
Ratings consider that in the longer term the company may face re-contracting risk due the dynamic nature of natural gas supply and demand in the United States, the agency noted.
Fitch said it estimates 2011 debt-to-EBITDA ratio of 4.0 times.
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