S&P rates Grizzly loan BB+

S&P said it assigned its BB+ long-term issuer credit rating to Grizzly Acquisitions LP and Grizzly Operations LP and assigned its BB+ issue-level rating and 3 recovery rating to Grizzly Acquisitions' proposed term loan B. The 3 recovery rating reflects an expectation of average (50%-70%; rounded estimate 65%) recovery in a default scenario.

The outlook is stable.

Grizzly was formed to acquire some Canadian natural gas transportation and processing assets from Enbridge Inc. and its subsidiaries.

“The stable outlook reflects our view that throughput will not decline after the take-or-pay contracts expire and the projects under construction will be complete on time and on budget,” S&P said in a news release.

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