Regional demand-pull pipeline for end-user markets in Alabama, Georgia, and South Carolina. Stable and predictable cash flows backed by firm transportation contracts accounting for approximately 90% of capacity. The average shipper rating on Southern Natural Gas is in the 'A' category, with about a seven-year average contract life. We expect the company to maintain leverage of about 3x in 2018 and 3.2x in 2019. Our expectation that the company will pay out the majority of its free cash flow in distributions to its sponsors. Our view of the company's 'Adequate' liquidity. S&P Global Ratings' stable outlook on Southern Natural Gas Co. LLC (SNG) reflects its expectations that the pipeline will maintain a strong competitive position supplying natural gas to the
