Moody's lowers NGPL Pipeco

Moody's Investors Service said it downgraded NGPL PipeCo LLC's senior unsecured debt rating, corporate family rating and probability of default rating to Ba2 from Ba1.

The company's speculative-grade liquidity rating is affirmed at SGL-3.

The outlook is stable.

These actions conclude a review for possible downgrade that began in April due to a weaker-than-expected outlook for its financial performance, Moody's said.

The lower ratings reflect a view that the company's financial performance is unlikely to recover to previous levels due to weak conditions in the Midwest gas market, the agency said.

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