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BULLETIN: Duke Reduces Interest In DEFS; No Effect On DEFS Rating Feb 05
Standard & Poors, Feb 2005
Abstract
NEW YORK (Standard & Poor's) Feb. 24, 2005--Standard & Poor's Ratings Services said today that Duke Energy Corp.'s (BBB/Stable/A-2) announcement that is plans to reduce its ownership interest in Duke Energy Field Services LLC (DEFS; BBB/Stable/A-2), its joint venture with ConocoPhillips, to 50% from 70%, along with the sale by DEFS of the general partner interest in TEPPCO, has no immediate effect on DEFS' credit quality. ConocoPhillips will purchase Duke Energy's 20% interest, increasing its own interest in the joint venture to 50%. The transaction is expected to close in the third quarter of 2005. The change in ownership structure is not expected to have any effect on DEFS' operations or its financial profile, and therefore has no effect on...
Companies mentioned in this report are: DCP Midstream LLC,Duke Energy Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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