S&P assigns Plains All American debt BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Plains All American Pipeline LP's up to $1.25 billion senior unsecured debt issuance. The outlook is positive.

The agency said it bases its ratings on Plains on its "strong" business risk profile and "significant" financial risk profile.

"The positive outlook on the rating reflects Plains' increasing size and asset diversity, and the majority contribution of fee-based activities to Plains' cash flow," said S&P credit analyst William Ferara in a news release.

The agency said it also expects that any future acquisitions will not materially change the partnership's key credit ratios or business profile.

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