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S&P: Ruby Western loan BB+
Standard & Poor's said it assigned a BB+ corporate credit rating to Ruby Western Pipeline Holdings LLC and Ruby Western Pipeline Holdings B LLC.
The agency also said it assigned a rating of BB+ and a recovery rating of 3 to Western Pipeline's $500 million senior secured term loan due 2020. The 3 recovery rating indicates 50% to 70% expected default recovery.
The outlook is stable.
The agency also said it affirmed its BBB- corporate credit rating and maintained its stable outlook.
The company's stand-alone basis is rated without assuming any implicit parent support or impact from the parent companies' credit quality, S&P said.
The ratings reflect the company's strong business risk profile and aggressive financial risk profile, the agency said.
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