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Credit ratings

Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market quality or suitability of a specific security for a particular investor. These are assigned by credit rating agencies such as Moody's or Standard & Poor's.

The table below provides a list of the credit ratings assigned to TC PipeLines, LP and the entities in which it has an ownership interest:

TC PipeLines, LP

  Standard & Poor's Moody's Fitch
Issuer/Senior Notes Rating BBB Baa2 n/a
Trend/Rating Outlook Creditwatch Positive Stable n/a

Gas Transmission Northwest LLC

  Standard & Poor's Moody's Fitch
Senior Unsecured n/a A3 n/a
Trend/Rating Outlook n/a Negative n/a

Great Lakes Gas Transmission System

  Standard & Poor's Moody's Fitch
Issuer Rating BBB+ n/a n/a
Trend/Rating Outlook Stable n/a n/a

Iroquois Gas Transmission System

  Standard & Poor's Moody's Fitch
Senior Unsecured BBB+ A3 n/a
Trend/Rating Outlook Stable Stable n/a

North Baja Pipeline LLC

  Standard & Poor's Moody's Fitch
Issuer Rating n/a n/a BBB+
Trend/Rating Outlook n/a n/a Stable
Senior Unsecured n/a n/a BBB+
Trend/Rating Outlook n/a n/a Stable

Northern Border Pipeline Company

  Standard & Poor's Moody's Fitch
Senior Unsecured BBB+ n/a n/a
Trend/Rating Outlook Positive n/a n/a

Portland Natural Gas Transmission System

  Standard & Poor's Moody's Fitch
Issuer Rating n/a n/a BBB+
Trend/Rating Outlook n/a n/a Stable
Senior Unsecured n/a n/a BBB+
Trend/Rating Outlook n/a n/a Stable

Tuscarora Gas Transmission Company

  Standard & Poor's Moody's Fitch
Issuer Rating BBB n/a n/a
Trend/Rating Outlook Creditwatch Positive n/a n/a