Recovery Report: El Paso Corp.'s Recovery Rating Profile May 08
Standard & Poors, May 2008
Abstract
On May 22, 2008, Standard & Poor's Ratings Services retained its issue and recovery ratings on El Paso Corp.'s and subsidiaries' $12.7 billion in secured and unsecured debt. This action follows El Paso's issuance of $500 million of senior unsecured notes. The rating on the unsecured debt of El Paso is 'BB-', one notch below the corporate credit rating, with a '5' recovery rating. The '5' recovery rating indicates that lenders can expect modest (10%-30%) recovery in the event of a payment default. (For more information, please see the research update, "El Paso Corp.'s $500 Mil. Senior Unsecured Debt Is Rated 'BB-' (Recov Rtg: 5)" published May 22, 2008, on RatingsDirect.) The unsecured debt ratings of subsidiaries Colorado Interstate Gas...
Companies mentioned in this report are: Colorado Interstate Gas Co.,El Paso Natural Gas Co.,Southern Natural Gas Co.,El Paso Tennessee Pipeline Co.,Tennessee Gas Pipeline Co.,El Paso Corp.
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
Colorado Interstate Gas Co.,El Paso Natural Gas Co.,Southern Natural Gas Co.,El Paso Tennessee Pipeline Co.,Tennessee Gas Pipeline Co.,El Paso Corp.
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