Express Pipeline L.P. Dec 01
Standard & Poors, December 2001
Abstract
The ratings on Express Pipeline L.P.'s (issuer), Express Pipeline LLC's (issuer), and Platte Pipe Line Co.'s (guarantor) $149.7 million senior secured ($139.1 million outstanding) (rated 'A-') and $249.7 million subordinated secured notes ($249.3 million outstanding) (rated 'BBB-') reflect the following risks: Debt service coverage ratio (DSCR) is expected to be lower than originally forecast for 2001 and 2002, due to softer demand in petroleum allocation defense district (PADD) IV and greater competition from other pipelines serving PADD II. Debt repayment for the senior notes depends on the 14 five- to fifteen-year transportation service agreements (TSAs) that Express signed with 12 different shippers. Contracts representing 30,300 barrels per day (bpd) of the 146,200 bpd under contract expire effective April 2002, though...
Companies mentioned in this report are: Express Pipeline System
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
Express Pipeline System
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