Our view of TransCanada Pipelines reflects its predictable cash flow, large scale and diversification, offset by high debt to EBITDA that will remain elevated and a large capital program.
Our view of TransCanada reflects its scale, diversity and low business risk, offset by high leverage, a large capital program, limited financial flexibility and a weak financial profile.
Our credit view of TransCanada reflects its scale and low business risk, offset by its execution risks associated with both asset sales and its capital program, and weak financial metrics.
Our credit view of TransCanada Pipelines reflects its scale and low business risk, constrained by its large capital program and weak financial metrics.