11.12.2012 20:01
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Spectra Energy Capital, LLC -- Moody's: Spectra's crude deal leveraged but rating unaffected

New York, December 11, 2012 -- Moody's Investors Service said that Spectra Energy Corp's ratings (Spectra, guaranteed senior unsecured debt at Spectra Energy Capital, LLC Baa2/stable) will not be impacted with the announced acquisition of the Express-Platte Pipeline System (Express, Express Pipeline Limited Partnership and Express Pipeline LLC rated Baa1 senior secured/stable).

Spectra announced this morning that it had agreed to acquire the full ownership interest in the Express System from a joint venture among Kinder Morgan Energy Partners, Borealis Infrastructure, and the Ontario Teachers' Pension Plan. The consideration totals $1.49 billion, consisting of $1.25 billion of cash and $240 million of existing debt. The transaction is expected to close in the first half of 2013 subject to regulatory approvals and consents.

"While the acquisition is richly valued, the asset produces stable cash flow and is partially being financed with equity," said Moody's vice president Mihoko Manabe.

In concert with the deal announcement, Spectra announced its intention to sell as much as 14.7 million common shares, equivalent to over $380 million based on yesterday's closing price, which is equal to roughly 30% of the cash consideration.

The transaction is leveraged based on the high multiple Spectra is paying (about 11.5 times Express's expected 2013 EBITDA of $130 million). If the equity offering proceeds were applied to the purchase, and the remaining cash consideration of some $870 million were debt-financed, the new and assumed debt from this transaction would be 8.5 times Express's EBITDA.

Express, however, generates consistent cash flow which more than meets its current debt service requirements, which caused Moody's to stabilize its rating outlook to stable from negative in October 2012. The pipeline system enjoys a solid competitive position in PADD IV and some upside potential from the Bakken oil shale play.

Spectra's funds flow from operations (FFO)/debt ratio was 16.5% for the last twelve months ended September 2012. Because Express's leverage is low and steadily declining, Spectra's Baa2 rating is based on the expectation that it can maintain FFO/debt in the mid teens post this transaction.

Headquartered in Houston, Texas, Spectra Energy Corp engages primarily in natural gas transmission and distribution.

Mihoko Manabe VP - Senior Credit Officer Infrastructure Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653William L. Hess MD - Utilities Infrastructure Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

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This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

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Analysen zu Spectra Energy CorpShs

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05.11.2012Spectra Energy sector performScotia Capital Markets
29.06.2012Spectra Energy buyUBS AG
01.02.2012Spectra Energy sector outperformScotia Capital Markets
30.12.2011Spectra Energy overweightBarclays Capital
29.06.2012Spectra Energy buyUBS AG
01.02.2012Spectra Energy sector outperformScotia Capital Markets
30.12.2011Spectra Energy overweightBarclays Capital
05.11.2012Spectra Energy sector performScotia Capital Markets
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