Fitch affirms Rockies Express

Fitch Ratings said it affirmed Rockies Express Pipeline LLC's issuer default rating at BBB, senior notes due August 2009 (guaranteed) at BBB, senior notes due 2013, 2018 and 2038 (not guaranteed) at BBB, short-term issuer default rating at F2 and commercial paper at F2.

The outlook is stable.

Ratings are based on stable revenue generated under 10-year firm shipper contracts, low counterparty exposure, favorable Rocky Mountain supply characteristics, strong eastern and Midwestern market fundamentals, low regulatory risk and minimal post-construction liquidity requirements, the agency said.

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