Fitch rates Boardwalk Pipelines notes BBB-

Fitch Ratings said it assigned a BBB- rating to Boardwalk Pipelines, LP's senior unsecured notes offering due 2029.

The notes are fully and unconditionally guaranteed by its parent, Boardwalk Pipeline Partners, LP.

The proceeds from the offering are to be used to refinance $350 million of debt due in 2019 and for other general corporate purposes, Fitch said.

The Boardwalk Pipes currently has a long-term issuer default rating of BBB-.

The outlook is stable.

The company benefits from new projects to offset old contracts, Fitch said.

Boardwalk participated vigorously in the industry's last pipeline building surge in 2008 and 2009, the agency said.

Although expiration of old contracts could be a drag on results, Boardwalk's EBITDA has been relatively steady, Fitch said.

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