S&P: Ruby Pipeline notes BBB-

Standard & Poor's said it assigned its BBB- corporate credit rating to Ruby Pipeline LLC. The outlook remains stable.

At the same time, the agency said it assigned a BBB- issue-level rating to Ruby's proposed $1.075 billion senior unsecured notes. According to S&P, the company will use proceeds to refinance its existing project finance debt.

S&P said its ratings on Ruby Pipeline reflect the company's "excellent" business profile and "aggressive" financial profile.

The agency said the stable outlook on the ratings reflects Ruby's stable cash flow, supported by firm transportation agreements, and an expectation that debt to EBITDA and EBITDA to interest will remain between 4.5x-5.0x and 3.0x-3.5x, respectively, over the next few years.

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