Moody’s assigns A3 to Colonial Enterprises

Moody’s Investors Service said it assigned an A3 issuer rating to Colonial Enterprises, Inc., a newly incorporated holding company that wholly owns Colonial Pipeline Co.

At the same time, Moody’s affirmed Pipeline’s A3 senior unsecured rating.

Going forward, the Colonial Enterprises is the new borrower on the existing $500 million revolver. Future debt offerings are expected to be at the holding company level, which doesn’t have any unsecured debt.

The outlook for both entities is stable

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