Express Pipeline Limited Partnership & Express Pipeline LLC: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and the rating on the Senior Secured Notes due 2020 issued by Express Pipeline Limited Partnership & Express Pipeline LLC (collectively, Express) and guaranteed by Platte Pipe Line Company (Platte), at A (low). Both of the ratings are supported by the combined strength of Express and Platte (collectively, the Express-Platte System). All trends are Stable. The ratings reflect Express’s strong business risk profile supported by firm long-term shipping contracts, which cover a majority of the pipeline’s capacity and provide predictable cash flows with no direct exposure to commodity risk. Express’s Subordinated Secured Notes due 2019 were fully repaid at the end of 2017.