DBRS confirms Spectra Energy

DBRS said it confirmed the unsecured debentures and commercial paper ratings of Spectra Energy Capital, LLC at BBB (high) and R-2 (high), respectively.

The trend is stable.

Ratings incorporate expectation that Spectra Capital's significant capital expenditure program (projected to be $1.6 billion in 2010, including $500 million spent through June 30, 2010, and at least $1 billion of growth capex annually through 2014) and its acquisition of the Bobcat Gas Storage assets and development project for $540 million in late August 2010 will result in negative free cash flows and pressure its credit ratios as much of the financing will come from increased long-term debt, the agency said.

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