Moody's affirms Regency Energy

Moody's Investors Service said it affirmed Regency Energy Partners LP's Ba3 corporate family and probability-of-default ratings, B1 (LGD5, 81%) senior unsecured bond rating and SGL-3 speculative grade liquidity rating.

The outlook remains negative.

The action follows Regency's $1.1 billion expansion of its North Louisiana intrastate gas pipeline.

Moody's said the affirmation reflects its belief that the project will have a positive impact on Regency's overall business risk profile.

The affirmation also strongly considers Regency's financial policies and its ownership by General Electric Co., which has considerable energy experience and an expected longer investment horizon than Regency's past sponsors, according to the agency.

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