- Language: English
- Published: April 2013
- Region: Taiwan
NGPL PipeCo. LLC Downgraded To ?BB+? From ?BBB-?, Outlook Negative Apr 11
- Published: April 2011
- Standard & Poors
We are downgrading our rating on Houston, Texas-based pipeline company NGPL PipeCo. LLC to 'BB+' from 'BBB-'. We are also downgrading our rating on the company's senior unsecured notes to 'BB+' from 'BBB-' and assigning the notes a recovery rating of '3'. A projected decline in NGPL's cash flows to levels below our previous expectations, combined with weakening financial leverage metrics, led to the ratings action. The negative outlook reflects our expectation of continued weakness in credit metrics due mainly to low gas prices and the full effects of a recent settlement with the Federal Energy Regulatory Commission. Ratings are based on NGPL's stand-alone credit quality separate from its owners'. NEW YORK (Standard & Poor's) April 25, 2011--Standard & Poor's...
Companies mentioned in this report are: NGPL PipeCo LLC
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NGPL PipeCo LLC