Fitch affirms Spectra Energy

Fitch Ratings said it affirmed the outstanding ratings of Spectra Energy Capital, LLC and Texas Eastern Transmission, LP. The agency said this action affects $3.2 billion of debt at Spectra and $1.2 billion of long-term debt at Texas Eastern. The outlooks are stable.

The agency said the stable outlook reflects Fitch's expectation that the benefit to creditors of Spectra's stable pipeline and storage and distribution assets offsets the volatility in cash flows of its midstream operations and higher leverage due to its large capital spending program.

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