S&P revises Spectra Energy Partners view to stable

S&P said it revised its outlook on Spectra Energy Partners LP (SEP) to stable from negative and affirmed its BBB+ long-term issuer credit rating on the company, as well as its BBB+ issue-level rating on the partnership's senior unsecured notes and A-2 short-term rating on its commercial paper program.

Parent Enbridge Inc. recently announced that it had agreed to acquire SEP's equity securities outstanding in an exchange ratio of 1.111 common shares of Enbridge for each common unit of SEP.

“As a result, we revised our group assessment to core from highly strategic to reflect our expectation of an increased level of support when the transaction closes,” S&P said in a news release.

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