Fitch assigns Rockies Express floaters BBB

Fitch Ratings said it assigned a BBB rating to Rockies Express Pipeline LLC's $600 million floating-rate senior notes due 2009.

The agency said that proceeds from the offering will be used to repay short-term commercial paper borrowings at Rockies Express, which totaled $1.35 billion at June 30.

Fitch added that it rates the company as follows: issuer default rating at BBB, senior unsecured debt BBB, short-term issuer default rating F2 and commercial paper F2.

The outlook is stable.

The agency said that Rockies Express' CP program is backed by a $2 billion five-year, unsecured revolving credit facility due April 28, 2011.

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