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S&P affirms Gulf South, gives notes BBB+
Standard & Poor's said it affirmed its BBB+ corporate credit rating on Gulf South Pipeline Co. LP.
At the same time, the agency said it assigned a BBB+ rating to the company's proposed $250 million unsecured notes due 2012 and $250 million unsecured notes due 2017.
The outlook remains negative.
The agency said that proceeds from the proposed issuances will be used to fund a portion of the company's pipeline expansions, which have a total estimated cost of $3.7 billion.
S&P added that the rating on Gulf South reflects the consolidated credit quality of parent Boardwalk Pipeline Partners LP(BBB+/negative), which also owns natural gas pipeline Texas Gas Transmission LLC (BBB+/negative).
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