Moody's boosts Boardwalk

Moody's Investors Service said it upgraded Boardwalk Pipelines, LP's senior unsecured ratings to Baa2 from Baa3. The agency also raised the senior unsecured ratings of wholly owned subsidiaries Gulf South Pipeline Co., LLC and Texas Gas Transmission, LLC to Baa1 from Baa2.

"Boardwalk has reduced debt and financial leverage to levels that support an upgrade to Baa2," commented Pete Speer, a Moody's senior vice president, in a press release.

"The reorientation of its customer base to demand pull, moderately sized growth projects tied to natural gas and NGL users, flexible distributions and conservative financial policies position Boardwalk to sustain its lower leverage going forward," Speer added.

The outlook for all three entities is stable.

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