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Moody’s: Spectra Energy Capital outlook to negative
Moody's Investors Service said it affirmed the ratings of Spectra Energy Capital, LLC (Baa2 senior unsecured) and changed its outlook to negative from stable.
SE Capital is an intermediate holding company of Spectra Energy Corp. (not rated), which guarantees SE Capital's debt. Spectra's principal subsidiary Spectra Energy Partners, LP's SEP) (Baa2 senior unsecured) ratings and stable outlook are unaffected.
These actions follow Moody's downgrade of Spectra's 50%-owned joint venture, DCP Midstream, LLC, to Baa3 senior unsecured from Baa2. DCP's ratings remain under review for further downgrade.
"The negative outlook for SE Capital primarily reflects the likelihood of increased leverage, such as Debt-to-EBITDA exceeding 5 times over the next 12 to 24 months, given the expectation of weak commodity prices and incremental debt from the company's accelerated capital program," Moody's senior vice president Mihoko Manabe said in a news release.
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