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Fitch rates Gulf South BBB+
Fitch Ratings said it assigned a BBB+ long-term issuer default rating and a BBB+ senior unsecured debt rating to Gulf South Pipeline Co., LP.
Fitch also said it affirmed the BBB long-term issuer default rating and BBB senior unsecured debt rating on Boardwalk Pipelines, LP and the BBB+ long-term issuer default rating and BBB+ senior unsecured debt rating on Texas Gas Transmission, LLC.
The outlook for all three entities is stable.
The ratings reflect the robust and predictable cash flows at Gulf South and Texas Gas, supported by multi-year contracts, Fitch said.
The ratings also consider strong support from Boardwalk's ultimate majority owner, Loews Corp., the agency said.
These strengths are partially mitigated by concerns about the highly-leveraged financial profile at Boardwalk, Fitch said, and a less-favorable re-contracting environment for Gulf South and Texas Gas due to increased competition and low basis differentials.
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