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Fitch rates Rockies Express notes BBB
Fitch Ratings said it assigned a BBB rating to Rockies Express Pipeline LLC's proposed offering of up to $1.7 billion of senior unsecured notes to be issued in three tranches.
The outlook is stable.
Proceeds will be used to reduce debt under the company's bank credit facility.
Ratings reflect stable revenue, moderate counterparty exposure, low regulatory risk, supportive ownership and credit measures consistent with BBB rating, the agency said.
The company's expected near-term annualized debt-to-EBITDA ratio of about 5.4 times is above-average for the rating category, the quality of cash flows is extremely strong, the agency noted.
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