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S&P ups Inter Pipeline Fund, affirms Corridor
Standard & Poor's said it raised its long-term corporate credit rating on Inter Pipeline Fund to BBB+ from BBB and affirmed Inter Pipeline (Corridor) Inc.'s A- long-term corporate credit and senior debt ratings.
The fund's outlook is stable. Corridor's outlook is positive.
The upgrade reflects the expectation of additional cash flow in early 2011 when the Corridor expansion enters service and increasing investment in oil sands infrastructure assets that strengthens the fund's business risk profile, S&P said.
The ratings on Corridor reflect its excellent business risk profile; significant financial risk profile, which reflects the predictability and stability of financial earnings; the remaining completion risk, which is minimal; and the recapitalization risk of the Corridor Pipeline expansion, the agency said.
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