Fitch lifts Rockpoint Gas view to positive

Fitch Ratings said it affirmed Rockpoint Gas Storage Partners LP's long-term issuer default rating at B-, along with Rockpoint Gas Storage Canada Ltd.'s issuer default rating at B- and the rating on its 2023 senior secured notes at B with recovery rating of RR3.

The outlook on both companies was revised to positive from stable.

The positive outlook is based on certain factors that have improved since the notes were issued in 2018, Fitch said.

The ratings reflect an improved view of leverage expected for fiscal years ending March 31, 2019 and March 31, 2020, the agency said.

The ratings also consider the recent strength in observed time-spreads in the Alberta market, Fitch added.

Slightly offsetting these positive factors is the evolution of the company's long-term contract portfolio, the agency noted.

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