Fitch: Texas Eastern Transmission notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Texas Eastern Transmission LP's offering of $500 million in senior unsecured notes due 2022.

The notes are senior unsecured obligations and will rank equally with all of Texas Eastern's other senior unsecured indebtedness. The outlook is stable.

Fitch said Texas Eastern's rating and stable outlook reflect the strength of the company's credit profile and the low level of business risk associated with its FERC-regulated interstate pipeline operations.

On a stand-alone basis, the pipeline system has the credit profile of a higher rated entity with moderate debt levels and solid, consistent earnings and cash flow.

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