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Alliance Pipeline L.P. Aug 11
Standard & Poors, Aug 2011
Abstract
Low operating risk as a regulated pipeline; Cash flow stability, with medium-term firm contracts on substantially all of the pipeline's capacity; Strong counterparty credit quality, with about 85% of the pipeline's transportation contracts with investment-grade entities; and Adequate base case debt service coverage ratios (DSCR). Reliance on the Western Canadian Sedimentary Basin (WCSB), which faces gradual long-term reserve declines; The term of the various notes extends well beyond the term of the existing contract obligations; and Revenues could fall below original forecasts if transportation contracts are not renewed, resulting in insufficient funds to redeem the outstanding bonds. The Alliance Pipeline System is a 1,875-mile natural gas pipeline, with 450 miles of laterals, extending from the Western Canadian Sedimentary Basin (WCSB)...
Companies mentioned in this report are: Alliance Pipeline L.P.,Alliance Pipeline Limited Partnership,Veresen Inc.
Action: Review
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
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