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Global Credit Research - 02 Nov 2010
Approximately C$300 Million of debt securities affected
Toronto, November 02, 2010 -- Moody's Investors Service today placed the A3 senior unsecured debt
rating of Inter Pipeline (Corridor) Inc. (ICPI) under review for
The review for possible upgrade reflects:
- The material completion of the $1.8 billion CPX
First Expansion (expansion) of the pipeline which will result in total
blend capacity increasing from 300,000 to 465,000 barrels
per day; that expansion is in the context of a larger Athabasca Oil
Sands Project (AOSP) expansion undertaken by the three AOSP partners which
entailed a new mine (Jackpine mine) and a third train for the Scotford
- The improved environment for oil in general and oil sands in
particular as witnessed by the recent start up of the Jackpine mine at
the AOSP which is expected to produce 100,000 barrels per day (in
addition to the operating Muskeg mine);
- The expectation that the expansion will be rolled into Corridor's
rate base by early January 2011 (as committed by the three shippers on
the Corridor pipeline), thus enabling Corridor to start generating
revenues on its total rate base, including the expansion,
- Moody's expectation that Inter Pipeline Fund will have
sufficient funds to inject approximately $450 million of equity
by January 2011; and
- Moody's expectation that the refinancing of the 2012 maturing
debt should be refinanced well ahead of maturity and the debt service
coverage ratio will comfortably exceed 1.50 times in the next few
The review will likely conclude early next year, once the three
pipeline shippers start paying for the expansion and the equity injection
from Inter Pipeline Fund has occurred.
The ratings of Inter Pipeline (Corridor) Inc. were assigned by
evaluating factors believed to be relevant to the credit profile of IPCI
such as i) the business risk and competitive position of IPCI versus others
within its industry or sector, ii) the capital structure and financial
risk of IPCI, iii) the projected performance of IPCI over the near
to intermediate term, and iv) IPCI's history of achieving consistent
operating performance and meeting budget goals. These attributes
were compared against other issuers both within and outside of IPCI's
core peer group and IPCI's ratings are believed to be comparable to ratings
assigned to issuers of similar credit risk.
The last rating action was taken on December 7, 2009, when
Moody's assigned an A3 rating to $150 million of senior unsecured
$150MM Series C Senior Unsecured Debentures due February 3,
$150MM Series B Senior Unsecured Debentures due February 2,
The Corridor Pipeline System transports diluted bitumen, diluent
and other products between the AOSP's mines near Fort McMurray,
Alberta, the Scotford upgrader near Fort Saskatchewan, Alberta,
and pipeline terminals near Edmonton, Alberta. It commenced
commercial operation on May 1, 2003. Inter Pipeline (Corridor)
Inc. is headquartered in Calgary, Alberta and is 100%
owned by Inter Pipeline Fund.
Chee Mee Hu
MD - Project Finance
Corporate Finance Group
Moody's Investors Service
Catherine N. Deluz
VP - Senior Credit Officer
Corporate Finance Group
Moody's Canada Inc.
Moody's Canada Inc.
Moody's reviews Inter Pipeline (Corridor)'s A3 rating for possible upgrade
70 York Street
Toronto, ON M5J 1S9
No Related Data.
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