S&P upgrades Enbridge Energy

S&P said it raised its long-term issuer credit rating on Enbridge Energy Partners LP to BBB+ from BBB.

At the same time, the agency raised its issue-level rating on the partnership's senior unsecured notes to BBB+ from BBB and junior subordinate notes to BBB- from BB+.

S&P also affirmed its A-2 short-term rating on the company’s commercial paper program.

The agency removed the ratings from CreditWatch, where they were placed with positive implications May 29.

The outlook is stable.

S&P said the actions follow Enbridge Inc.'s announcement that it will acquire Enbridge Energy's class A common units outstanding.

The agency said the stable outlook reflects that on Enbridge Inc. and incorporates a view that the roll-up transaction will close as anticipated, subject to a shareholder vote, and that the partnership will be core to the parent.

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