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S&P rates Boardwalk Pipelines notes BBB-
S&P said it assigned a BBB- rating to Boardwalk Pipelines LP's proposed senior unsecured notes due 2029.
The proceeds will be used to retire all or a portion of the company's outstanding 5¾% notes due 2019.
The company will use the remainder for general partnership purposes, which may include growth capital expenditure, repayment of future long-term debt maturities and additions to working capital, S&P said.
The company also intends to temporarily use the proceeds to reduce the outstanding borrowings under its revolving credit facility, the agency added.
The ratings reflect the company's BB+ stand-alone credit profile and one-notch uplift it receives from ultimate parent, Loews Corp., S&P said.
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