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S&P rates Enbridge notes BBB
Standard & Poor's said it maintained the BBB issue rating on Enbridge Energy Partners LP's 5.5% senior unsecured notes due 2040 after the partnership launched a $150 million add-on to the issue.
The notes will now total $550 million.
The agency also said it assigned a BBB rating to the partnership's $600 million issuance of 10-year notes.
The proceeds will be used to repay outstanding commercial paper and fund a portion of future capital spending, S&P said.
The corporate credit rating on Enbridge is BBB and the outlook is stable.
The ratings reflect its strong business profile based on the competitive position of its crude pipeline system and the cash flow stability that these assets provide, the agency said.
Partially offsetting these credit strengths are commodity price volatility related to its natural gas gathering and processing segment, S&P said, and a financial profile characterized as significant because of metrics that are somewhat weak for the rating.
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