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S&P drops Terasen
Standard & Poor's said it lowered the corporate credit rating on Terasen Inc. to BB- from BBB, following the downgrade of its parent, Kinder Morgan Inc. to BB- from BBB.
At the same time, the senior unsecured debt rating on Terasen was lowered to BB- from BBB- and the subordinated debt rating to B- from BB+, S&P noted.
The ratings on Terasen were removed from CreditWatch, where they were placed May 30, S&P said.
The outlook is stable.
The corporate credit rating on Terasen was equalized with the rating on Kinder Morgan, reflecting the agency's consolidated rating methodology, S&P said, adding that the ratings on Terasen remain on CreditWatch with negative implications pending final review of the degree of regulatory insulation afforded TGI.
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