S&P: Reliance unchanged

Standard & Poor's said that the revised financing plan related to the proposed senior secured debt issuances from Reliance LP (senior secured debt rating: BBB-) and Reliance Intermediate Holdings LP (senior secured debt rating: BB-) will not affect the ratings on either partnership.

The agency said that the financing originally scheduled in fourth-quarter 2007 was delayed due to unfavorable market conditions.

According to S&P, the issuers now plan to place the proposed debt issuances in two stages largely through the private placement markets and the first stage will comprise about C$675 million Reliance LP notes and C$275 million Reliance Intermediate notes and is scheduled for February.

The revised plan has not affected the ratings as there is no material change in the proposed debt amounts, structure and specific details of the financing package, which were assumed in our rating analysis, S&P added.

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