Express Pipeline Limited Partnership & Express Pipeline LLC: Rating Report
EnergySummary
On May 14, 2019, DBRS Limited (DBRS) confirmed the Issuer Rating and the rating on the Senior Secured Notes due 2020 (the Senior Secured Notes) issued by Express Pipeline Limited Partnership & Express Pipeline LLC (collectively, Express) and guaranteed by Platte Pipe Line Company, LLC (Platte) at A (low) with Stable trends. The ratings are supported by the combined strength of Express and Platte (collectively, the Express-Platte System) and reflect Express’s strong business risk profile supported by firm long-term shipping contracts that cover a majority of the pipeline’s capacity and provide predictable cash flows with no direct exposure to commodity risk.