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ANR Pipeline Co. Sep 03
Standard & Poors, Sep 2003
Abstract
Supportive regulation, Stable revenue stream. and Sizable storage capacity. Stiff competition, Increasing gas supplies from Canada, and Recontracting risk. The ratings on ANR Pipeline Co. (ANR), an affiliate of El Paso Corp., are based on the credit quality of the consolidated entity. Thus, the ratings on ANR are expected to mirror those of El Paso. The ratings on El Paso continue to be pressured by continued reductions in cash flow estimates, ongoing refinancing risk, the inability to successfully meet debt-reduction goals, and a stressed liquidity position. El Paso's credit quality is a function of its core and more stable asset-based business units (regulated pipelines, Exploration and production, and midstream activities), which represent about 85% of projected consolidated cash flow. However,...
Companies mentioned in this report are: ANR Pipeline Co.,El Paso CGP Co,Colorado Interstate Gas Co.,El Paso Natural Gas Co.,Southern Natural Gas Co.,El Paso Energy Credit Corp.,El Paso Tennessee Pipeline Co.,Tennessee Gas Pipeline Co.,El Paso Corp.,Coastal Natural Gas Co.,Gemstone Investor Ltd.,El Paso Exploration & Production Co.
Action: Review
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: Full Analysis
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