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DBRS confirms Enbridge Energy
DBRS said it confirmed the ratings on the senior notes, junior subordinated notes and commercial paper of Enbridge Energy Partners, LP at BBB, BB (high) and R-2 (middle), respectively.
The trend is stable
The action incorporates expectation that the company's credit ratios, which are subject to near- to medium-term pressure, will subsequently recover, while also recognizing its improved business risk profile following completion of its major liquids pipeline projects in 2009 and 2010, according to the agency.
Ratings are supported by the strong sponsorship of Enbridge Inc. (A (low) rating), which, through its wholly owned subsidiary, Enbridge Energy Co., Inc., acquired about $500 million of class A units of the Enbridge Energy Partners in December 2008, and concluded a joint funding agreement under which Enbridge Inc. effectively funded two-thirds of the $1.2 billion cost of the Alberta Clipper U.S. crude oil pipeline project, with the remaining one-third funded by Enbridge Energy Partners in July 2009.
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