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BULLETIN: Alliance Pipeline Credit Neutral to Enbridge Income Fund Ownership May 03
Standard & Poors, May 2003
Abstract
NEW YORK (Standard & Poor's) May 30, 2003--Standard & Poor's Ratings Services said today that Enbridge Inc.'s (A-/Negative/--) May 26 announcement that it intends to transfer its 50% interest in Alliance Pipeline Limited Partnership (Canada) to its new Enbridge Income Fund will have no effect on the ratings of Alliance Pipeline's various bonds and bank loans. Standard & Poor's rates all of the debt instruments 'BBB+' with a stable outlook. Because of the project finance structure of the pipeline, lenders to the pipeline can only look to the pipeline and its operations for payment of principal and interest. Enbridge and Fort Chicago Energy Partners L.P. (BBB/Watch Neg/--), the other major partner, have no obligations to the pipeline. Standard & Poor's...
Companies mentioned in this report are: Alliance Pipeline Limited Partnership,Enbridge Inc.,Veresen Inc.
Action: S&P Event
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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