TEXT-S&P: Spectra Energy ratings unchanged
Dec 11 - Standard & Poor's Ratings Services said today that the announcement that Spectra Energy Corp (BBB+/Stable/--) has entered into a definitive agreement to purchase 100% of the ownership interests in the Express-Platte Pipeline System from Borealis Infrastructure, the Ontario Teachers' Pension Plan, and Kinder Morgan Energy Partners for $1.49 billion will not affect the company's ratings or outlook. We believe the transaction enhances Spectra's business risk profile because it will provide stable, fee-based cash flow and expands Spectra's investment in related crude and refined product assets. The Express-Platte system is strategically located to supply U.S. refineries in the Rockies and Midwest with price-advantaged crude oil from Canada and the Bakken oil field. Completion of the transaction is subject to regulatory approval and the parties expect it to close during the first half of 2013.
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