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S&P slashes Ruby Pipeline
S&P said it downgraded Ruby Pipeline LLC to CC from CCC and its unsecured notes to CCC- from CCC+. The 2 recovery rating is unchanged, indicating an expectation for substantial recovery (70%-90%; rounded estimate 85%) in default.
“We believe Ruby Pipeline LLC (Ruby) will default on its $475 million unsecured notes due April 1, 2022. Under our base-case scenario, we view default as a virtual certainty given Ruby's projected liquidity position and unsustainable capital structure. We are also not assuming additional support from Ruby's indirect owners, Kinder Morgan Inc. (KMI; BBB/stable/A-2) and Pembina Pipeline Corp. (PPL; BBB/stable/--),” the agency said in a press release.
The outlook is negative.
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