Fitch rates El Paso Pipeline notes BBB-

Fitch Ratings said it assigned a BBB- rating to El Paso Pipeline Partners Operating Co. LLC's proposed offering of $475 million in senior notes due 2042.

The outlook is stable.

The notes will rank pari passu with all of the company's existing and future unsecured senior indebtedness and will be fully and unconditionally guaranteed on a senior unsecured basis by El Paso Pipeline Partners, LP.

The proceeds will be used to repay borrowings under its revolving credit facility and general partnership purposes.

The ratings recognize the expected stability of the company's earnings and cash flows, which are supported by its lower business risk asset base consistent with predominantly FERC-regulated pipeline assets, Fitch said.

The company's subsidiaries exhibit consistent cash flow, low business risk and strong credit profiles, the agency said.

The company's assets all have favorable market positions and connectivity in key supply and demand areas, Fitch added.

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