Moody's trims TransCanada Pipelines

Moody's Investors Service said it downgraded the senior unsecured rating of TransCanada PipeLines Ltd. to Baa2 from Baa1.

The agency also trimmed other issuers within the corporate family including TC Energy Corp.'s issuer rating to Baa3 from Baa2, Nova Gas Transmission Ltd.'s senior unsecured rating to Baa2 from Baa1, ANR Pipeline Co.'s senior unsecured rating to Baa1 from A3, Gas Transmission Northwest LLC's senior unsecured rating to Baa1 from A3, Columbia Pipeline Group, Inc.'s senior unsecured to rating to Baa1 from A3, TC PipeLines, LP's senior unsecured rating to Baa2 from Baa1 and TransCanada Trust's subordinated unsecured notes to Ba1 from Baa3.

"The downgrade of TransCanada and its subsidiaries is driven by the company's weak financial metrics that we expect to persist for the next several years," said Gavin MacFarlane, a Moody’s vice president and senior credit officer, in a press release.

"Notwithstanding TransCanada's efforts to sell assets to improve its balance sheet and financial condition, we do not expect that they will be sufficient to offset the pressure on the company's financial profile that has adversely affected credit quality," MacFarlane added.

The outlook is stable.

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