December 11, 2012 / 6:35 PM / 5 years ago

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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