DBRS confirms Express Pipeline notes

DBRS said it confirmed the A (low) and BBB (low) ratings with stable trends on the senior secured notes and subordinated secured notes issued jointly and severally by Express Pipeline Ltd., Partnership & Express Pipeline LLC and guaranteed by Platte Pipe Line Co.

All of the ratings are supported by the combined strength of Express and Platte through the latter's guarantee of the former's obligations, DBRS said.

The confirmations reflect a view that Express System's business and financial risk profile will remain stable over the medium term despite the fact that firm contracts covering 40% of throughput capacity on Express expire on March 31, 2012, the agency said.

DBRS said it expects that much of the associated volume will continue to flow on Express, with any decrease in volumes offset by much higher uncommitted tolls.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.