This report does not constitute a rating action. Overview Key strengths Key risks Regional demand-pull pipeline for end-use markets in the Southeast. Significant re-contracting concentration in 2026. Predictable and stable cash flow backed by firm transportation contracts accounting for approximately 90% of capacity. Elevated capital expenditure and timing is likely to lead to temporarily higher leverage. High average shipper ratings of ?BBB+?. Proposed rate reductions through 2028 limit near-term earnings upside. The SSE4 project, with an estimated cost of approximately $3 billion, will boost the South Mainline capacity by about 1.2 billion cubic feet (Bcf) per day, with the first phase expected to come online in the fourth quarter of 2028 and the second in the fourth quarter of 2029.
