S&P upgrades Rockies Express from junk

S&P said it raised its corporate credit and issue-level ratings on Rockies Express Pipeline LLC to BBB- from BB+. The outlook is stable.

In addition, S&P said it removed the ratings from CreditWatch, where they were placed with positive implications on Feb. 15.

The rating actions follow the company’s repayment of its $550 million senior unsecured notes, which itself follows a similar step the company took in 2015 of repaying debt at maturity by means of a capital contribution from each of its sponsors (based on their percentage ownership in Rockies Express), S&P said in a news release.

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