Recovery Report: El Paso Corp.'s Recovery Rating Profile May 08
- ID: 2025362
- May 2008
- Standard & Poors
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. LLC
- El Paso Natural Gas Co.
- Southern Natural Gas Co.
- El Paso Tennessee Pipeline Co.
- Tennessee Gas Pipeline Co.
- El Paso Holdco LLC
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Research Type: Full Analysis