S&P lifts Express Pipeline debt to BBB+

S&P said it raised its ratings on Express Pipeline Partnership's $250 million subordinated debt due 2019 and $110 million senior debt due 2020 to BBB+ from BBB.

The outlook is stable.

S&P said the upgrade reflects its view that irrespective of the project's operational and financial performance (which currently several notches above the ratings on parent Spectra Energy Partners LP [SEP]), the ratings on the project can be no higher than that of Spectra.

"Because we raised the ratings on SEP following the merger of parent Spectra Energy Corp and Enbridge Inc. on Feb. 27, 2017, we are now raising the ratings on the project to be in line with those on SEP," S&P credit analyst Valiant Ip said in a news release.

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