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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

FEATURED COMPANIES

  • El Paso Holdco LLC
  • El Paso Natural Gas Co.
  • Southern Natural Gas Co.
  • MORE

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 Holdco LLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. 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 Holdco LLC

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