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Fitch lifts Columbia Pipeline
Fitch Ratings said it upgraded Columbia Pipeline Group, Inc.'s long-term issuer default rating and senior unsecured rating to BBB+ from BBB-.
The ratings also were removed from Rating Watch positive.
The upgrades were driven by the company’s acquisition by TransCanada Corp., an entity with a stronger credit profile, Fitch said.
The transaction closed July 1, the agency said.
Columbia Pipeline’s short-term issuer default rating and commercial-paper rating also were upgraded to F2 from F3 and those ratings were withdrawn.
The outlook is stable.
Columbia Pipeline was acquired for about $13 billion, including $10.2 billion in cash and debt of $2.8 billion, which was assumed by TransCanada, Fitch said.
The agency said it views the acquisition of Columbia Pipeline as favorable for TransCanada and further increase TransCanada's diversity.
TransCanada anticipates an annual benefit of about $250 million a year from cost saving and financing, Fitch added.
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