Boardwalk Pipeline Partners L.P. 'BBB-' Corporate Credit Rating Affirmed; Unsecured Debt Raised To 'BBB-' From 'BB+'

We are affirming the 'BBB-' corporate credit rating on Boardwalk Pipeline Partners L.P. (Boardwalk) and its operating subsidiaries Gulf South Pipeline Co. L.P. (Gulf South) and Texas Gas Transmission LLC (Texas Gas). The outlook on Boardwalk, Gulf South, and Texas Gas remains stable. We are raising the issue-level ratings on Boardwalk's unsecured debt to 'BBB-' from 'BB+' (equalized to the corporate credit rating), including its $1.5 billion revolving credit facility. We are also revising the financial profile on Gulf South to intermediate from significant. The stable outlook reflects our expectation that Boardwalk's consolidated adjusted debt to EBITDA will be about 4.5x to 4.75x over the next year. We expect Boardwalk to generate negative free cash flow in 2016 and 2017,

...+ We are affirming the '###-' corporate credit rating on Boardwalk Pipeline Partners L.P. (Boardwalk) and its operating subsidiaries Gulf South Pipeline Co. L.P. (Gulf South) and Texas Gas Transmission LLC (Texas Gas). The outlook on Boardwalk, Gulf South, and Texas Gas remains stable. + We are raising the issue-level ratings on Boardwalk's unsecured debt to '###-' from '##+' (equalized to the corporate credit rating), including its $1.5 billion revolving credit facility. + We are also revising the financial profile on Gulf South to intermediate from significant. + The stable outlook reflects our expectation that Boardwalk's consolidated adjusted debt to EBITDA will be about 4.5x to 4.75x over the next year. We expect Boardwalk to generate negative free cash flow in 2016 and 2017, as its capital spending program will be elevated as the company continues to focus on growth projects backed by long-term contracts. NEW YORK (S&P Global Ratings) Aug. 22, 2016--S&P Global Ratings today affirmed...

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