S&P rates Plains All American notes BBB-

Standard & Poor's said it assigned a BBB- rating to Plains All American Pipeline LP's $350 million senior unsecured notes due 2018.

The outlook is stable.

Proceeds from the note offering will be used to fund a portion of the C$660 million acquisition of the Rainbow Pipe Line Co., announced earlier this month, and for general corporate purposes.

The agency said the stable outlook reflects its expectation that Plains All American will remain acquisitive but that acquisitions will complement existing operations and will be funded such that the debt-to-EBITDA ratio does not materially exceed 4 times. S&P also expects the company's crude oil marketing activities to remain confined largely to matched positions.

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