S&P lowers Rockies Express outlook to negative

Standard & Poor's said it revised its outlook on Rockies Express Pipeline LLC to negative from stable.

At the same time, the agency said it lowered Rockies Express' short-term rating to A-3 from A-2 and affirmed the BBB corporate credit rating.

According to S&P, it affirmed the BBB rating on the company's $600 million of floating-rate notes due August 2009 that are guaranteed by the sponsors, thus the outlook on those notes is negative.

In addition, the agency said it affirmed the BBB rating on three tranches of Rockies Express' notes totaling $1.3 billion that the sponsors do not guarantee, and the rating on those notes is stable.

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