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S&PCORRECT: Spectra Energy Corp.'s Outlook Revised To Negative; Ratings Are Affirmed Apr 09
Standard & Poors, April 2009
NEW YORK (Standard & Poor's) April 28, 2009--Standard & Poor's Ratings Services said today it revised its outlook on midstream energy company Spectra Energy Corp. to negative from stable. At the same time, we affirmed Spectra's 'BBB+' long-term corporate credit rating. As of Dec. 31, 2008, Spectra Energy had about $10.7 billion of adjusted total debt. The outlook revision reflects our expectation that the low level of commodity prices will lead to a significant decline in Spectra's cash flows and key credit metrics in 2009. Although about three-quarters of the company's cash flows come from relatively stable assets with fixed fees, lower processing and fractionation margins are impacting the company's commodity price sensitive businesses, specifically those at DCP Midstream LLC...
Companies mentioned in this report are: Spectra Energy Corp.,Spectra Energy Capital LLC,DCP Midstream LLC
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Spectra Energy Corp.,Spectra Energy Capital LLC,DCP Midstream LLC