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DBRS downgrades Kinder Morgan
DBRS said it downgraded the issuer rating of Kinder Morgan Cochin ULC to BBB from BBB (high) and the preferred shares – cumulative rating of Kinder Morgan Canada Ltd. to Pfd-3 from Pfd-3 (high).
The trends on both of the ratings are now stable.
The downgrades follow a negative review after the government of Canada agreed to purchase the Trans Mountain Asset Group, comprising the Trans Mountain Pipeline, along with the associated Puget Sound Pipeline and the Trans Mountain Expansion Project, for C$4.5 billion, DBRS said.
The transaction leaves the company with remaining assets that have a relatively weaker credit profile compared with the assets sold, the agency said.
Kinder Morgan, Inc. indirectly holds a 70% economic interest in Kinder Morgan Cochin, DBRS said.
About C$4.3 billion of proceeds from the sale of Trans Mountain was used to make a special distribution of about C$4 billion to shareholders, the agency noted.
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