S&P rates Spectra Energy notes BBB

Standard & Poor's said it assigned its BBB rating to Spectra Energy Capital LLC's proposed $500 million senior unsecured note issuance. Spectra Energy Capital is a wholly owned financing subsidiary that is fully and unconditionally guaranteed by Spectra Energy Corp.

"The stable outlook on the ratings reflects our expectation that leverage measures will remain in an acceptable range through a commodity price cycle. We also expect the company to focus growth on fee-based businesses," said S&P credit analyst William Ferara in a news release.

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