Research Update: Enbridge Energy Partners $1.2 Billion Preferred Units Are Rated 'BB+'; 'BBB' Corporate Credit Rating Affirmed May 13
- Language: English
- Published: May 2013
Standard & Poor's Ratings Services' ratings on Enbridge Energy Partners L.P. (EEP) reflect a business profile we characterize as strong, which is attributable to the competitive position of its crude pipeline system and the cash flow stability that these assets provide. Partially offsetting these credit strengths are commodity price volatility related to its natural gas gathering and processing segment, the costs related to the Marshall and Romeoville oil spills, and a financial profile we characterize as significant because of metrics that are somewhat weak for the rating. The bulk of EEP's growth projects ended in April 2010, when the Alberta Clipper was placed in service. We still expect capital expenditures of about $1.2 billion in 2011, with a significant portion...
Companies mentioned in this report are: Enbridge Energy Partners L.P.,Enbridge Inc.
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Enbridge Energy Partners L.P.,Enbridge Inc.