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S&P lifts MidContinent view to stable
Standard & Poor’s said it revised the outlook on MidContinent Express Pipeline LLC to stable from negative.
The agency also said it affirmed the company’s BBB- corporate credit and senior unsecured debt ratings.
The stable outlook reflects an expectation that regional pricing differentials will remain narrow and could raise re-contracting risk, S&P said. But in the short term, the company is relatively well positioned, the agency said.
The company benefits from a stable cash flow stream and utilization remains high as it interconnects with various interstate pipelines routing through some of the most predictable, high gas demand areas that facilitate gas transport from multiple supply basins, S&P said.
Somewhat offsetting those strengths are low regional pricing spreads, high degree of shipper concentration and a lack of asset diversity, the agency said.
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