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ANR Pipeline Co. Dec 04
Standard & Poors, Dec 2004
Abstract
Supportive regulation, Stable revenue stream, and Sizable storage capacity provides considerable operating flexibility. Weak credit quality of parent, El Paso Corp. and possibility ANR could be leveraged to support parent, Stiff competition, Increasing gas supplies from Canada, and Recontracting risk. The ratings on ANR Pipeline Co. (ANR), an affiliate of El Paso Corp., are based on the credit quality of the consolidated entity. Thus, the ratings on ANR are expected to mirror those of El Paso. The ratings on El Paso remain pressured by onerous debt leverage, ongoing refinancing risk due to large near-term debt maturities, and the challenges the company faces in executing an aggressive operational restructuring. Among the most important aspects of El Paso's restructuring is the rehabilitation...
Companies mentioned in this report are: ANR Pipeline Co.,El Paso CGP Co,Colorado Interstate Gas Co.,El Paso Natural Gas Co.,Southern Natural Gas Co.,El Paso Energy Credit Corp.,El Paso Tennessee Pipeline Co.,Tennessee Gas Pipeline Co.,El Paso Corp.,Coastal Natural Gas Co.,Gemstone Investor Ltd.,El Paso Exploration & Production Co.
Action: Review
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
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