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Summary: NGPL PipeCo. LLC May 11 Product Image

Summary: NGPL PipeCo. LLC May 11

  • Published: May 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
We base the rating on NGPL PipeCo. LLC on its stand-alone credit quality. The rating does not address any credit risks of its shareholders. NGPL is 80% owned by Myria Acquisition LLC (an unrated consortium of investors) and 20% by Kinder Morgan Inc. (KMI; BB/Stable/--). This separation reflects Standard & Poor's opinion that NGPL is bankruptcy remote from its owners because near-unanimous consent is required for a NGPL bankruptcy filing and unanimous shareholder approval is required for all major operating decisions. However, KMI's operational and managerial support, available through a 15-year operating contract, is a factor in our analysis of NGPL's operations. As of Dec. 31, 2010, NGPL had about $3 billion of reported debt. NGPL's stand-alone rating reflects its...

Companies mentioned in this report are: NGPL PipeCo LLC
Action: Review

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NGPL PipeCo LLC

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