Moody’s upgrades Enbridge

Moody's Investors Service said it upgraded the ratings of Enbridge Inc. and Enbridge Energy Partners, LP, including their senior unsecured ratings to Baa2 from Baa3, and revised the outlook to positive.

The agency also confirmed the rating of Enbridge Energy LP (Baa2 senior unsecured) and revised the outlook to positive.

Moody’s also affirmed the ratings of Spectra Energy Partners, LP (Baa2 senior unsecured), Express Pipeline LP (Baa1 senior secured) and Texas Eastern Transmission LP (Baa1 senior unsecured) and changed their outlooks to positive from stable.

“Enbridge has taken substantial steps to reduce structural subordination and complexity in its organizational and capital structure, leading to the upgrade,” Moody’s vice president, senior credit officer Gavin MacFarlane, said in a news release.

“The positive outlook reflects the prospects for a sustained improvement in leverage metrics and the prospects for a further one notch upgrade.”

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