Standard& Poor's Ratings Services on April 27 upgraded both NGPL PipeCo LLC's corporate credit rating and senior secureddebt to B- from CCC-.
S&Palso placed both ratings on CreditWatch with positive implications, reflecting and BrookfieldInfrastructure Partners LP's agreement to inject $623 million of equity into thecompany.
"Webelieve this is a positive development, and could help the pipeline to overcomesome of the financial and liquidity challenges that had been limiting the ratingin recent years," S&P said in the report. "We anticipate that theequity infusion will likely strengthen liquidity and improve the financial riskprofile."
S&P Ratings and S&P GlobalMarket Intelligence are owned by S&P Global Inc.