Toronto, November 06, 2015 -- The President of the United States today rejected TransCanada Corporation's Keystone XL (KXL) oil pipeline project, but TransCanada's credit rating (Baa1/stable) is unaffected because the US$2.8 billion in costs incurred to date are already reflected in TransCanada's balance sheet and Moody's has not incorporated any future KXL cash flow in its credit assessment of TransCanada. The potential credit implications of KXL are mixed, depending on the stage of its lifecycle. Undertaking KXL would have had negative credit implications during the development and construction phase with execution risk and increasing pressure on financial metrics; however, once in service KXL would have been credit positive as a result of the stable, long term contracted cash flow it was expected to generate.

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