S&P cuts Inter Pipeline

S&P said it downgraded Inter Pipeline Ltd. and the rating on its C$3.33 billion of senior unsecured notes to BBB- from BBB+, citing weaker financial performance.

“The downgrade reflects notable weakness in credit metrics in light of financial underperformance, a challenging commodity price environment and heightened capital spending for an ambitious expansion project. IPL performed well below our forecast last year, mainly due to lower fractionation spreads in its natural gas liquids (NGL) processing business,” said S&P in a press release.

The outlook is negative.

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