S&P gives Eastern Gas Transmission A

S&P said it gave A ratings to Eastern Gas Transmission and Storage Inc. and its proposed debt issuance. At the same time, S&P affirmed its A ratings on Eastern Energy Gas Holdings LLC, EGTS' parent, and its senior unsecured debt.

“EEGH is amending its capital structure and that of its subsidiary, EGTS, via a debt exchange transaction. EGTS today announced that it has commenced offers to existing debtholders to exchange certain notes previously issued by EEGH for up to $1.6 billion of notes to be issued by EGTS that carry the same-dated maturity and coupon,” S&P said in a press release.

“As a result of this transaction, the total parent debt balance at EEGH will decline by about 40%; however, on a consolidated basis, its total debt will remain unchanged,” S&P said.

The outlook is stable in line with parent Berkshire Hathaway Energy.

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