We believe Southern Natural Gas Co. LLC (SNG) will continue to generate robust cash flows due to its advantageous competitive position in the southeast U.S. market. Furthermore, we believe that SNG is well positioned to refinance its upcoming $300 million senior unsecured notes maturity coming due in June 2021. As a result, on Feb. 24, 2021, S&P Global Ratings affirmed its 'BBB+' issuer credit rating on SNG and its 'BBB+' issue-level rating on the company's debt outstanding. The stable outlook reflects our expectation that SNG's credit metrics will be stable in the low 3x total-debt-to-EBITDA area during our outlook horizon, while the company maintains a strong competitive position in its end markets and a robust contractual structure. Furthermore, most of
