Large percentage of fixed-fee revenues; Primarily investment-grade customer base; Improving contract length as new projects with long-term contracts come online; and Weaker basis differentials, which could pressure rates for contract renewals over the next couple of years. Our expectation that the company will maintain adjusted debt-to-EBITDA of 4.7x to 4.9x in both 2018 and 2019; Strong distribution coverage of about 5x; and Continued elevated capital spending levels to fund growth projects. S&P Global Ratings' stable outlook on Boardwalk Pipeline Partners L.P. reflects our expectation that the company's adjusted debt-to-EBITDA will be 4.7x to 4.9x in both 2018 and 2019. We expect Boardwalk's capital spending will remain high in 2018 as the company focuses on growth projects backed by long-term contracts.
