S&P rates TC PipeLines BBB, notes BBB-

Standard & Poor's said it assigned a BBB long-term corporate credit rating to TC PipeLines LP, along with a preliminary BBB rating to the company's senior unsecured unlimited universal shelf and a preliminary BBB- rating to the subordinate debt on the same shelf that expires April 22, 2013.

The outlook is stable.

The ratings reflect a view of the partnership's strong competitive position and shipper credit quality, S&P said, and stable demand in multiple end-use markets served.

A reliance on the Western Canadian sedimentary basin and asset concentration offset these strengths, the agency said.

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