{"id":49369,"date":"2018-05-02T20:42:00","date_gmt":"2018-05-03T00:42:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49369"},"modified":"2025-08-14T20:43:27","modified_gmt":"2025-08-15T00:43:27","slug":"trp-downgraded-to-p-2low-by-sp","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49369","title":{"rendered":"TRP Downgraded to P-2(low) by S&#038;P"},"content":{"rendered":"<p>Standard &#038; Poor&#8217;s <a href=\"https:\/\/www.standardandpoors.com\/en_US\/web\/guest\/article\/-\/view\/type\/HTML\/id\/2030713\">has announced<\/a>:<\/p>\n<blockquote>\n<ul>\n<li>\u2022We believe that TransCanada Corp. (TCC) will not achieve adjusted funds from operations (AFFO)-to-debt of 18%, a requirement we set for the &#8216;A-&#8216; rating.\n<li>\u2022In addition, the company has an increasing U.S. asset portfolio that will account for 35%-40% of EBITDA by 2020, and that TCC&#8217;s credit measures are<br \/>\nweaker than many lower-rated diversified U.S. peers.<\/p>\n<li>\u2022As a result, we are lowering our ratings on TCC and its subsidiary TransCanada PipeLines Ltd., including our long-term corporate credit rating on each to &#8216;BBB+&#8217; from &#8216;A-&#8216;.\n<li>\u2022The stable outlook reflects our view that, over the next two years, AFFO-to-debt will be in the 15%-17% range, and debt-to-EBITDA will be approximately 4.5x.<\/ul>\n<p>S&#038;P Global Ratings today lowered its ratings on TransCanada Corp. (TCC) and its subsidiary TransCanada PipeLines<br \/>\nLtd., including its long-term corporate credit rating on both to &#8216;BBB+&#8217; from &#8216;A-&#8216;. The outlook is stable.<\/p>\n<p>At the same time, we lowered our global and Canadian national scale preferred share ratings to &#8216;BBB-&#8216; and &#8216;P-2(Low)&#8217; from &#8216;BBB&#8217; and &#8216;P-2&#8217; respectively. We also lowered our ratings on the senior unsecured debt to &#8216;BBB+&#8217; from &#8216;A-&#8216; and<br \/>\nthe junior subordinated debt to &#8216;BBB-&#8216; from &#8216;BBB&#8217;.<\/p>\n<p>Finally, we affirmed our short term and commercial paper rating at &#8216;A-2&#8217;.<\/p>\n<\/blockquote>\n<p>Affected issues are TRP.PR.A, TRP.PR.B, TRP.PR.C, TRP.PR.D, TRP.PR.E, TRP.PR.F, TRP.PR.G, TRP.PR.H, TRP.PR.I, TRP.PR.J and TRP.PR.K.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard &#038; Poor&#8217;s has announced: \u2022We believe that TransCanada Corp. (TCC) will not achieve adjusted funds from operations (AFFO)-to-debt of 18%, a requirement we set for the &#8216;A-&#8216; rating. \u2022In addition, the company has an &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-49369","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49369"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49369\/revisions"}],"predecessor-version":[{"id":49370,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49369\/revisions\/49370"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}