S&P rates Veresen, loans BB-

Standard & Poor's said it assigned its BB- long-term corporate credit rating to Veresen Midstream LP.

The outlook is stable.

The agency also assigned its BB- rating, with recovery rating of 3, to the company's C$1,275,000,000 expansion credit facility and $600 million term loan B. The 3 recovery rating corresponds to an expectation of average (50%-70%) recovery.

In addition, S&P assigned its BB- issue-level rating and 3 recovery rating to the company's C$75 million revolving credit facility.

"The rating reflects the Veresen Midstream's satisfactory business risk profile and highly leveraged financial risk profile," S&P credit analyst Gerry Hannochko said in a news release.

The rating also reflects the agency’s view that the limited partnership is "moderately strategic" to 50% owner Veresen Inc.

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