S&P puts TC PipeLines on positive watch

S&P said it placed its ratings for TC PipeLines LP on CreditWatch with positive implications.

The placement follows TC Energy Corp.’s offer to acquire the partnership’s common units in exchange for TC Energy common shares, S&P said.

“TC Energy currently owns the 2% general partnership interest and about 24% of TCP’s common units, and after completion of the roll-up/buy-in, TCP will become a wholly owned subsidiary of TC Energy. TCP owns or has an ownership interest in eight U.S. natural gas pipelines that provides an outlet for Western Canadian Sedimentary Basin natural gas to key U.S. markets,” S&P said in a press release.

The agency said it will resolve the CreditWatch placement when the transaction closes.

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