S&P downgrades Enogex

Standard & Poor's said it lowered the corporate credit and senior unsecured debt ratings on Enogex LLC, a subsidiary of OGE Energy, to BBB- from BBB+.

Enogex currently accounts for about 30% of OGE's consolidated operating income, S&P said.

The outlook is stable.

The agency also said it affirmed the BBB+ corporate credit ratings on OGE Energy and its other principal subsidiary, Oklahoma Gas & Electric Co.

The downgrade reflects an ongoing increase in ArcLight Capital Partners LLC's ownership stake in Enogex, which pushes the rating on Enogex closer to its stand-alone rating, the agency said.

S&P said it expects ArcLight to continue to increase its ownership stake by providing significant funding for major capital investments.

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