Enbridge Energy Partners L.P. Ratings Placed On CreditWatch Positive After Announced Buy-In By Enbridge Inc.

Stocks and Financial Services Press Releases Wednesday May 30, 2018 09:23
TORONTO--30 May--S&P Global Ratings

TORONTO (S&P Global Ratings) May 29, 2018--S&P Global Ratings today placed its ratings, including its 'BBB' long-term corporate credit rating, on Houston-based Enbridge Energy Partners L.P. (EEP) on CreditWatch with positive implications.

The CreditWatch placement reflects our view that Enbridge Inc.'s proposal to acquire all of the partnership's equity securities outstanding will increase the level of parental support from Enbridge, so we will likely revise our group assessment on EEP to core from highly strategic. Enbridge currently owns about 25% of EEP and after completion of the roll-up/buy-in, EEP will become a wholly owned subsidiary of Enbridge. EEP owns the U.S. portion of Enbridge's Mainline and is fully integrated and important to the group's strategy. With this transaction, Enbridge will have full control and influence.

The CreditWatch placement reflects our view that, if the transaction closes as expected, we will likely revise our assessment of the group support EEP receives from Enbridge to core from highly strategic. Enbridge expects to close the transaction by the end of the year. An upgrade is likely if the transaction is completed, and we assess EEP's group status at core to Enbridge, at which point, we would equalize the ratings on EEP with those on the parent. If the transaction does not proceed, we would affirm the ratings on EEP, with a stable outlook.

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