Recovery Report: El Paso Corp.'s Recovery Rating Profile Mar 08
- ID: 2025677
- March 2008
- Standard & Poors
Standard & Poor's Ratings Services today retained its issue-level ratings on El Paso Corp.'s and subsidiaries' about $11 billion unsecured debt. The rating on the unsecured debt of El Paso Corp. remains '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. The unsecured debt ratings of subsidiaries Colorado Interstate Gas Co., El Paso Natural Gas Co., Southern Natural Gas Co., and Tennessee Gas Pipeline Co. were left unchanged at 'BB', the same as the corporate credit rating. In addition, a recovery rating of '3' was assigned, indicating that lenders can expect meaningful (50%-70%) recovery in the event...
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
- El Paso Exploration & Production Co.
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