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Recovery Report: El Paso Corp.'s Recovery Rating Profile May 08 Product Image

Recovery Report: El Paso Corp.'s Recovery Rating Profile May 08

  • Published: May 2008
  • Standard & Poors

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 READ MORE >

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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