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DBRS lifts Express Pipeline
DBRS said it upgraded the rating of Express Pipeline LP and Express Pipeline LLC’s subordinated secured notes due 2019 to BBB from BBB (low) and confirmed the issuer rating and rating of the senior secured notes due 2020 at A (low).
The trend is stable.
The ratings reflect the group’s low business risk profile, underpinned by long-term take-or-pay shipping contracts, DBRS said.
The upgrade considers the improved coverage ratio and expectation of growing cash flows following the successful re-contracting of a major portion of the pipeline’s capacity in 2014, the agency said.
The company’s strong financial risk profile is supported by a highly secure and contracted stream of cash flows, DBRS said.
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