Moody’s changes TransCanada outlook to stable

Moody’s Investors Service said it changed the outlook to stable from negative and affirmed TransCanada Pipelines Ltd.’s ratings, including its Baa1 senior unsecured and issuer ratings and its Baa2 junior subordinate ratings. Simultaneously, Moody’s revised TransCanada parent company TC Energy Corp.’s outlook to stable from negative and affirmed its Baa2 issuer rating.

Moody’s also changed the outlooks to stable from negative and affirmed subsidiaries ANR Pipeline Co.’s A3 senior unsecured rating, Gas Transmission Northwest LLC’s A3 senior unsecured rating, NOVA Gas Transmission Ltd.’s Baa1 senior unsecured rating, and TransCanada Trust’s Baa3 subordinate rating.

“The change in outlooks to stable is prompted by the suspension and in Moody’s view termination of construction on the $9.1 billion Keystone XL pipeline project and the resulting elimination of the very high level of execution risk related to environmental, social and governance factors that the project entailed,” said Gavin MacFarlane, a Moody’s vice president and senior credit officer, in a press release.

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