El Paso Corp.'s Fundamentals Hold Up During a Cloud of Industry Uncertainty Jul 02

Standard & Poors, July 2002

Abstract
NEW YORK (Standard & Poor's) July 23, 2002--In the face of today's tumultuous energy markets, re-examining El Paso Corp.'s (BBB+/Stable/A-2) fundamental credit quality has repeatedly proven necessary. At the same time, sifting through information that contains various degrees of headline, public perception, political, and regulatory risk to assess the real risk has at times proven quite challenging. In order to effectively communicate Standard & Poor's opinion on El Paso's credit ratings, we answer some frequently asked questions about the company, below. Standard & Poor's identifies no fundamental change in the credit quality of El Paso given heightened uncertainty over "wash trades" in the industry or negative press from outside shareholders. Standard & Poor's has repeatedly confirmed with El Paso that...

Companies mentioned in this report are:
- California
- El Paso Natural Gas Co.
- Pacific Gas & Electric Co.
- Enron Corp.
- Tennessee Gas Pipeline Co.
- El Paso Corp.
- GulfTerra Energy Partners L.P.
- Cedar Brakes I LLC
- Utility Contract Funding LLC

Action: S&P Event

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.

- California
- El Paso Natural Gas Co.
- Pacific Gas & Electric Co.
- Enron Corp.
- Tennessee Gas Pipeline Co.
- El Paso Corp.
- GulfTerra Energy Partners L.P.
- Cedar Brakes I LLC
- Utility Contract Funding LLC

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