S&P rates TransCanada Trust notes BBB

S&P said it assigned a BBB issue-level rating to TransCanada Trust's C$1.5 billion junior unsecured subordinated trust notes series 2017-B due May 18, 2077.

The subordinated notes will finance the acquisition of the 2017 subordinated notes from TransCanada PipeLines Ltd. TransCanada PipeLines, in turn, intends to use the proceeds from the 2017 issue for general corporate purposes and to reduce short-term debt for itself and its affiliates.

TransCanada PipeLines will guarantee the trust's notes.

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