BANGALORE (Thomson Financial) - Standard & Poor's Ratings Services said it
has assigned its 'BBB-' ratings to TEPPCO Partners LP's issuance of 1 bln usd of
senior unsecured notes, reflecting the company's satisfactory business risk
profile and its aggressive financial profile.
S&P said it has also affirmed the 'BBB-' corporate credit rating on the
pipeline and midstream energy company. The outlook on the ratings is stable.
The ratings agency said the key credit factors include the company's
relatively stable cash flows, a diverse customer mix, and limited commodity
risk, which are offset by a persistent midstream growth strategy, weak
distribution coverage, and slightly high debt-leverage metrics.
The stable outlook on TEPPCO reflects projected new investments that will
produce earnings and cash flow to improve its distribution coverage and leverage
levels, S&P added.
TFN.newsdesk@thomson.com
tsm
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|