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BULLETIN: ConocoPhillips' Increased Asset Ownership Will Not Affect Ratings Feb 05
Standard & Poors, Feb 2005
Abstract
NEW YORK (Standard & Poor's) Feb. 25, 2005--Standard & Poor's Rating Services said today that ConocoPhillips' (A-/Negative/A-2) announcement that it will increase its ownership in Duke Energy Field Services LLC (DEFS) to 50% from 30% will not affect the ratings on the company. DEFS is a midstream joint venture with Duke Energy Corp. ConocoPhillips will give Duke $1.1 billion in consideration for its increased ownership interest in DEFS, consisting of: --Contribution of its share of proceeds from DEFS' sale of the general partnership interest in TEPPCO Partners LP, --Transfer of ConocoPhillips' Empress natural gas plant and related marketing business in Canada to Duke Energy Gas Transmission, and --Contribution of certain other ConocoPhillips U.S. midstream gas assets to DEFS. Although ConocoPhillips...
Companies mentioned in this report are: ConocoPhillips ,Duke Energy Corp.,DCP Midstream LLC
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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