S&P: Spectra on negative watch

S&P said it affirmed the BBB+ corporate credit rating on Spectra Energy Corp. and its wholly owned subsidiary Texas Eastern Transmission LP and placed them on CreditWatch with negative implications.

"Our ratings on Houston, Texas-based midstream energy company Spectra Energy reflect the company's 'strong' business risk profile and 'significant' financial risk profile as our criteria define the terms," S&P credit analyst William Ferara said in a news release.

"The negative CreditWatch reflects Spectra Energy's intention to sell its U.S. gas transmission and storage assets [about 45% of overall EBITDA] to SEP by the end of 2013."

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