S&P cuts Enbridge to negative

Standard & Poor's said it revised the outlook on Enbridge Inc., Enbridge Pipelines Inc. and Enbridge Gas Distribution Inc. to negative from stable and affirmed the long-term corporate credit ratings at A-.

The outlook revision reflects the view of the increased business risk associated with the terms of the proposed competitive toll settlement and credit metrics that may not be sufficient in the near term to support the change in business risk, S&P said.

The ratings reflect an excellent business risk profile, which the strong market position of the core liquids pipelines and gas distributions businesses, its significant long-term and regulated cash flows and the companies' conservative approach to risk management all support, the agency said.

The ratings consider the significant financial risk profile, the agency added.

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