S&P changes Texas Eastern view

S&P said it revised its outlook on Texas Eastern Transmission LP to negative from stable and affirmed its BBB+ long-term corporate credit and senior unsecured debt ratings.

The agency said the revision follows a similar action to parent Spectra Energy Partners LP, which reflects what S&P views as limited cushion in credit metrics following a recent Federal Energy Regulatory Commission decision and U.S. tax reform.

The agency said it believes these developments create risks for interstate pipeline assets contracted on a cost-of-service basis.

“Similarly, we believe these developments create a challenging operating environment for Texas Eastern,” S&P said in a news release.

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