S&P ups Plains All American, rates notes BBB+

Standard & Poor's said it raised its corporate credit rating on Plains All American Pipeline LP to BBB+ from BBB.

The outlook is stable and the short-term rating of A-2 was affirmed.

At the same time, the agency assigned its BBB+ issue-level rating to Plains' proposed senior unsecured notes.

Plains will use net proceeds to repay outstanding borrowings under its commercial paper program (a portion of which went toward funding the BridgeTex acquisition) and for general partnership purposes. As of Sept. 30, Plains had about $8.6 billion of balance-sheet debt.

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