EFTA Document EFTA01378317

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade Plains All American Pipeline Updated: September 3, 2015 Trade Idea: Buy Plains All American 10-year bonds Investment Rationale: SW revised its outlook on the rating on PAA (BBB+) to negative (from stable). S&P cited leverage that it expects to be higher than anticipated through 2016. SW also noted that it continues to believe PAA is well positioned to benefit from increased oil production,