DBRS: Spectra Energy on negative review

DBRS said it placed the issuer rating of BBB (high), unsecured debentures rating of BBB (high) and commercial-paper ratings of R-2 (high) of Spectra Energy Capital, LLC under review with negative implications.

The rating action is driven by a concern about the potential financial profile implications of the company's intention to drop down all of its remaining U.S. Transmission and Storage Assets to Spectra Energy Partners by the end of this year, DBRS said.

By completing this drop-down, Spectra Energy expects to provide its investors with higher dividend growth, the agency said.

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