S&P lifts Columbia Pipeline

S&P said it raised the long-term corporate credit and senior unsecured debt ratings on Columbia Pipeline Group Inc. to A- from BBB-.

The agency also said it removed the ratings from CreditWatch with positive implications, where they were placed in March.

The outlook is negative.

The upgrades are based on an expectation of group support following the company's successful acquisition completion by TransCanada Corp., S&P said.

With the successful acquisition close, Columbia Pipeline is a wholly owned subsidiary of TransCanada, the agency said.

Thus, S&P said it equalizes the ratings on the company with those on parent TransCanada at A-.

Columbia Pipeline is highly unlikely to be sold by TransCanada, is successful at its business, has a long-term commitment from TransCanada management and operates in a business segment that is integral to TransCanada's overall strategy, the agency said.

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