Research Update: Ruby Pipeline LLC's New $1. 075 Billion Note Issuance Rated 'BBB-'; 'BBB-' Corporate Credit Rating Assigned Feb 12

Standard & Poors, February 2012

Abstract
U.S. natural gas pipeline company Ruby Pipeline LLC plans to issue $1.075 billion of senior unsecured bonds. We are assigning our 'BBB-' issuer credit rating on Ruby and assigning a 'BBB-' issue-level rating to the notes. The stable outlook reflects Ruby's stable cash flow, supported by firm transportation agreements. On Feb. 10, 2012, Standard & Poor's Ratings Services assigned its 'BBB-' corporate credit rating to U.S. natural gas pipeline company Ruby Pipeline LLC. The outlook remains stable. At the same time, we assigned our 'BBB-' issue-level rating to Ruby's proposed $1.075 billion senior unsecured notes. The company will use proceeds to refinance its existing project finance debt. Pro forma for the transaction, Ruby will have roughly $1.4 billion of total...

Companies mentioned in this report are: Ruby Pipeline LLC
Action: Affirmed
Action: New Rating

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Ruby Pipeline LLC

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