NEW YORK (AP) — Standard & Poor's Ratings Services said Tuesday it lifted its outlook on Enbridge Inc. and two related companies to "stable," saying it was less likely that the companies' debt ratios would drop to unsatisfactory levels in the next two years.
S&P also affirmed its ratings, including "A-" long-term corporate credit ratings, on Enbridge, Enbridge Pipelines Inc. and Enbridge Gas Distribution Inc.
The agency previously assigned a "negative" outlook to the three.
S&P said the companies will generate significant cash flow and have conservative financial policies. But it expects credit measure to remain at the low end for the ratings because of Enbridge's large capital program, which could top roughly $5.9 billion (6 billion Canadian dollars) next year.
Enbridge subsidiaries own and operate natural gas and oil pipelines in North America.
Shares of Calgary, Alberta-based Enbridge rose 12 cents to close after S&P released the outlook at $34.59.