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Fitch turns TC view to negative
Fitch Ratings said it revised the outlooks for TC Energy Corp. (TRP) and TransCanada PipeLines Ltd. to negative from stable.
The agency also affirmed their ratings, including the A- senior unsecured rating at TransCanada. Additionally, Fitch affirmed the BBB junior subordinated rating at TransCanada Trust and Columbia Pipeline Group, Inc.'s issuer and senior unsecured ratings at A-. The outlook for CPG is stable.
“The negative outlooks for TRP and TCPL reflect a trend of approximately level EBITDA, under-running Fitch's forecast and contributing to higher leverage than expected. While Fitch does forecast rising EBITDA in 2022 versus 2021, some business segments are projected by Fitch to post immaterial growth, under-running Fitch's prior forecast. Actual 2021 leverage and projected 2022 leverage are both approximately 5.4x (Fitch calculation). Fitch's extant leverage sensitivity for the company is that at leverage above 5x, a negative rating action could ensue,” the agency said in a press release.
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