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S&P cuts Rockies Express Pipeline to junk
S&P said it lowered its issuer credit rating on Rockies Express Pipeline LLC to BB+ from BBB- and removed the rating from CreditWatch, where S&P placed it with negative implications on March 17.
The outlook is negative.
S&P also lowered the senior unsecured rating to BB+, which reflects the new recovery rating of 3 (rounded estimate: 65%).
“Rockies Express Pipeline LLC's (REX) counterparty credit quality has deteriorated after S&P Global Ratings downgraded several of its most important shipping customers over the past month. The downgrades primarily reflected our lowered forward-looking commodity price assumptions that we published on March 19, 2020,” S&P said in a news release.
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