Fitch alters Boardwalk Pipelines view to positive

Fitch Ratings said it changed the outlook for Boardwalk Pipelines, LP to positive from stable.

The outlook reflects the support by parent Loews Corp., enabling Boardwalk to move towards lower leverage following the completion of its major expansion projects, the agency said.

“Despite the absence of a formal leverage policy, Fitch expects Boardwalk’s consolidated leverage to approach the positive sensitivity of 4.5x leverage (as measured by total debt with equity credit/operating EBITDA) by 2021,” Fitch said in a press release.

Fitch also affirmed the BBB- long-term issuer default rating and BBB- senior unsecured debt rating on Boardwalk and the BBB- long-term IDR and BBB- senior unsecured debt ratings for its two pipeline subsidiaries, Gulf South Pipeline Co., LLC and Texas Gas Transmission, LLC.

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