Fitch lifts Express Pipeline

Fitch Ratings said it upgraded Express Pipeline LLC’s and Express Pipeline LP’s $250 million subordinated secured notes due 2019 to A- from BBB+.

The agency also said it affirmed the companies’ $110 million senior secured guaranteed notes due 2020 at A-.

The outlook is stable.

The upgrades reflect that the company’s subordinate debt, which matures two years prior to senior debt, has a projected financial profile commensurate with the senior debt, Fitch said.

The group’s performance in 2015 was consistent with expectations, extending a history of strong operating and financial performance with consolidated debt-service coverage ratios averaging 3.26x over the last five years, the agency said.

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