- Language: English
- Published: February 2013
- Region: Brazil
Research Update: NGPL PipeCo. Ratings Remain on CreditWatch; Term Loan Assigned Preliminary Ratings Apr 12
- Published: April 2012
- Standard & Poors
Houston-based pipeline company NGPL PipeCo. LLC announced its plan to launch a term loan totaling at least $600 million. Our ratings on NGPL, including the 'BB-' corporate credit and senior unsecured debt ratings, remain on CreditWatch with negative implications. At the same time, we assigned a preliminary 'BB-' rating to the pending $600 million term loan and placed the rating on CreditWatch negative and assigned a preliminary '3' recovery rating. We expect to resolve the CreditWatch listing on NGPL in roughly one month, focusing our analysis on the company's ability to execute on its financing package, its resulting debt leverage, and its near-term weakness in cash flows. On April 20, 2012, Standard & Poor's Ratings Services stated that its 'BB-'...
Companies mentioned in this report are: NGPL PipeCo LLC
Action: CreditWatch Update
Action: On CreditWatch:Negative
Action: Preliminary 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.
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NGPL PipeCo LLC