Veresen Inc. Dec 11
Standard & Poors, December 2011
Abstract
Strong market position Near-term cash flow stability of key asset, Alliance Pipeline L.P. Long-term contracts with strong counterparties for power segment Recontracting risk at Alliance Highly leveraged consolidated balance sheet The ratings on Alberta-based Veresen Inc. reflect Standard & Poor's Ratings Services' opinion of the company's strong business risk and significant financial risk profiles. In our view, the favorable market position and cash flow stability of the Alliance Pipeline L.P. (senior secured debt rating: BBB+/Stable) natural gas system and Alberta Ethane Gathering System (AEGS), customer diversity, and customer credit quality support the business risk profile. In our view, weaker consolidated financial ratios, the fluctuating performance of subsidiary Aux Sable Liquid Products L.P., and the uncertainty surrounding the future of Alliance's...
Companies mentioned in this report are: Veresen Inc.,Alliance Pipeline L.P.,Alliance Pipeline Limited Partnership
Action: Affirmed
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: Full Analysis
Veresen Inc.,Alliance Pipeline L.P.,Alliance Pipeline Limited Partnership
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