We have completed our annual review on Boardwalk Pipeline Partners L.P. We are affirming the 'BBB-' corporate credit rating on Boardwalk. The outlook remains stable. The stable outlook reflects our expectation that adjusted debt to EBITDA will be 4.2x-4.5x over the next year. We expect Boardwalk's capital spending program will continue to be elevated as the partnership continues to focus on growth projects backed by long-term contracts. On Aug. 28, 2017, S&P Global Ratings affirmed its 'BBB-' corporate credit rating on Houston-based Boardwalk Pipeline Partners L.P. The outlook is stable. Our assessment of Boardwalk's stand-alone credit profile (SACP) of 'bb+' reflects a satisfactory business risk profile and aggressive financial risk profile. The satisfactory business risk profile reflects the large percentage
