Moody's lowers Rockies Express

Moody's Investors Service said it downgraded Rockies Express Pipeline LLC's (REX) corporate family rating to Ba2 from Ba1, its probability of default rating to Ba2-PD from Ba1-PD and the rating of the unsecured notes to Ba2 from Ba1.

"REX's ratings downgrade reflects the weakened counterparty credit strength of its customer base and the high financial leverage and fundamental challenges faced by its 75% owner, Prairie ECI Acquiror LP," said Sreedhar Kona, a Moody's senior analyst, in a press release.

REX's outlook is stable.

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