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ANR Pipeline Co. Dec 05
Standard & Poors, Dec 2005
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. ANR Pipeline Co. is an affiliate of El Paso Corp. (B/Positive/B-3), the largest natural gas pipeline company in North America. The ratings on Houston, Texas-based El Paso and its subsidiaries, including ANR, are based on a consolidated credit method, resulting in the same corporate credit rating for the holding company and each of its subsidiaries. The ratings on El Paso reflect a weak business profile burdened by failed unregulated power ventures and the challenges of rehabilitating poorly performing exploration and...
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.,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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