S&P affirms Enbridge

Standard & Poor's said it affirmed its BBB corporate credit rating on midstream energy partnership Enbridge Energy Partners LP. The short-term rating of A-2 is unchanged and the outlook is stable.

The agency said the ratings affirmation reflects its opinion that the announced expansion projects enhance Enbridge Energy's competitive position, take advantage of production trends in the Bakken and Canadian oil sands and will provide steady cash flows mainly through cost-of-service tolling arrangements or firm transportation contracts.

Financial leverage in 2012 that is high for the rating and some execution risk with the expansion projects partly temper those strengths, the agency said.

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