S&P rates Texas Eastern Transmission notes BBB+

Standard & Poor's said it assigned a BBB+ rating to Texas Eastern Transmission LP's $400 million senior unsecured notes due 2017.

The outlook is stable.

Proceeds will be used primarily to refinance short-term debt at Spectra Energy Corp (BBB+/stable), which manages its subsidiaries' cash, including Texas Eastern's.

The outlook reflects the company's strong business risk profile that can withstand some cash flow volatility as the parent company pursues proposed growth opportunities, the agency said.

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