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S&P rates Panhandle Eastern notes BBB-
Standard & Poor's said it assigned a BBB- senior unsecured rating to Panhandle Eastern Pipe Line LP's proposed $400 million notes due 2018.
The outlook is negative.
The company will use the proceeds to refinance $300 million of notes maturing in August, to fund capital expenditures and for general corporate purposes.
The rating on Panhandle Eastern is tied to the rating on its parent company, Southern Union Co. (BBB-/negative). The agency said the rating on Southern Union reflects a satisfactory business risk profile and aggressive financial profile.
Southern Union's credit strengths include the excellent business risk profiles of its transportation and storage segment and distribution segment, which together are expected to contribute about 80% of consolidated EBITDA, S&P said.
The negative outlook could be revised to stable if the postponed master limited partnership is financed with a balanced amount of equity, the agency said.
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