S&P rates Boardwalk Pipelines notes BBB-

Standard & Poor's said it assigned its BBB- issue rating to Boardwalk Pipelines LP's proposed $300 million senior unsecured notes due 2023.

The notes will be fully and unconditionally guaranteed by parent Boardwalk Pipeline Partners LP.

The agency said the rating reflects the consolidated credit quality of Boardwalk, driven by its strong business risk profile and aggressive financial risk profile, as well as some level of support from parent company Loews Corp.

The issue rating is one notch below the corporate credit rating because the debt is structurally subordinate to debt at Boardwalk's operating pipeline subsidiaries.

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