Fitch cuts Oneok Partners

Fitch Ratings said it has downgraded the senior unsecured debt rating and issuer default rating (IDR) for Oneok Partners LP to BBB from BBB+.

In addition, Fitch said it affirmed the A- senior unsecured debt rating and IDR for Northern Border Pipeline Co. (NBPL), which is owned by Oneok Partners and TC PipeLines, LP in equal 50% interests.

The outlooks are stable.

The ratings of Oneok Partners and NBPL have been removed from rating watch negative, the ratings agency said.

Fitch said the one-notch downgrade for Oneok Partners primarily reflects increased risk associated with its post-dropdown business mix, reflecting heightened commodity price exposure.

On balance, Fitch now views Oneok Partners' blended business risk as moderate or near average for comparable investment-grade master limited partnerships.

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