Fitch Affirms BB-plus Rating On El Paso Corp.
Stock quotes in this article:
EP
NEW YORK (AP) Fitch Ratings said Friday it affirmed the "BB-plus" issuer-default ratings on El Paso Corp. and its key natural gas production and pipeline subsidiary.
The move affects about $13.6 billion in debt. Fitch also gave a "stable" outlook to the ratings, citing strength and lower risk of the company's pipeline system franchise. El Paso is in the middle of an $8 billion expansion program that will boost the size and reach of its interstate pipeline system. Fitch said the work would weigh on the company's financial measurements, but that the new projects will generate enough cash to support El Paso's debt levels. Fitch has "BB-plus" issuer default ratings for the parent and El Paso Exploration & Production Co., and for the parent's $500 million revolving credit facility. It has "BBB-minus" ratings on other debt and on the other subsidiaries including Colorado Interstate Gas Co., El Paso Natural Gas Co., Southern Natural Gas Co. and Tennessee Gas Pipeline Co. El Paso shares rose 7 cents to close at $10.- Loading Comments...
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