Research Update: Southern Union Co. CreditWatch Implications Revised To Negative, 'BBB-' Rating Affirmed Nov 11

Standard & Poors, November 2011

Abstract
The Williams Cos. Inc. no longer has an outstanding bid to acquire Southern Union, and in our opinion the likelihood that Energy Transfer Equity L.P. (ETE) will acquire Southern Union has increased. We are affirming the 'BBB-' corporate credit ratings on Southern Union and its operating subsidiary, Panhandle Eastern Pipe Line L.P., and revising the CreditWatch listing to negative from developing. We had placed Southern Union's and Panhandle's ratings on CreditWatch with developing implications on July 20, 2011. We expect to resolve the CreditWatch listing if ETE completes its proposed acquisition of the company. On Nov. 15, 2011, Standard & Poor's Rating Services affirmed its 'BBB-' corporate credit rating on Southern Union Co. and its operating subsidiary Panhandle Eastern Pipe...

Companies mentioned in this report are: Southern Union Co.,Panhandle Eastern Pipe Line L.P.
Action: CreditWatch Update
Action: On CreditWatch:Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Southern Union Co.,Panhandle Eastern Pipe Line L.P.

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