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 is in the 'A' category, with an average contract life of about five years. Intermediate financial leverage. Adequate liquidity. S&P Global Ratings' stable outlook on Southern Natural Gas Company LLC (SNG) reflects our expectations that the pipeline will maintain a strong competitive position supplying natural gas to the Southeast U.S. and strong credit measures, such as total debt to EBITDA below 3x. We could lower the ratings if SNG recapitalizes the pipeline and increases total debt to EBITDA above 4x. We could also lower the rating due a
