Boardwalk Pipeline Partners And Subs 'BBB-' Ratings Are Affirmed; Outlook Revised To Stable

U.S. midstream energy master limited partnership Boardwalk Pipeline Partners L.P. reported better–than-expected EBITDA performance for fiscal 2014. The partnership also recently announced numerous projects that will produce significant cash flow improvements in 2016 and beyond that will offset pressure on contractual rates for storage and transportation. We are affirming the 'BBB-' corporate credit rating on Boardwalk and its operating subsidiaries Gulf South Pipeline Co. L.P. and Texas Gas Transmission LLC and revising the outlook to stable from negative. The stable outlook reflects our expectation that Boardwalk's consolidated adjusted debt to EBITDA will be in the 5.25x to 5.5x range through 2016. We expect the partnership's capital spending program to be elevated over the next few years as the partnership continues

...+ U.S. midstream energy master limited partnership Boardwalk Pipeline Partners L.P. reported better¡than-expected EBITDA performance for fiscal 2014. The partnership also recently announced numerous projects that will produce significant cash flow improvements in 2016 and beyond that will offset pressure on contractual rates for storage and transportation. + We are affirming the '###-' corporate credit rating on Boardwalk and its operating subsidiaries Gulf South Pipeline Co. L.P. and Texas Gas Transmission LLC and revising the outlook to stable from negative. + The stable outlook reflects our expectation that Boardwalk's consolidated adjusted debt to EBITDA will be in the 5.25x to 5.5x range through 2016. We expect the partnership's capital spending program to be elevated over the next few years as the partnership continues to focus on growth projects backed by long-term contracts. NEW YORK (Standard & Poor's) March 6, 2015--Standard & Poor's Ratings Services said today it affirmed its...

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