Tennessee Gas Pipeline Co. Apr 10

Standard & Poors, April 2010

Abstract
Supportive regulation; Stable revenue stream; and Strong market position. Management's focus on creating shareholder value; Increasing competition; and Re-contracting risk. Tennessee Gas Pipeline Co. (TGP) is an affiliate of El Paso Corp. (BB/Stable/--), the largest natural gas pipeline company in North America. We base the ratings on Houston-based El Paso and its subsidiaries, including TGP, on our consolidated credit methodology, resulting in the same corporate credit rating for the holding company and each of its subsidiaries. The ratings on El Paso reflect a satisfactory business risk profile and an aggressive financial profile, which incorporates the stability of the company's interstate natural gas pipeline systems (about two-thirds of projected 2010 cash flow), partly offset by the risks associated with its E&P...

Companies mentioned in this report are:
- Tennessee Gas Pipeline Co.
- Colorado Interstate Gas Co.
- El Paso Natural Gas Co.
- Southern Natural Gas Co.
- El Paso Energy Credit Corp.
- El Paso Tennessee 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

- Tennessee Gas Pipeline Co.
- Colorado Interstate Gas Co.
- El Paso Natural Gas Co.
- Southern Natural Gas Co.
- El Paso Energy Credit Corp.
- El Paso Tennessee Pipeline Co.
- El Paso Corp.
- Coastal Natural Gas Co.
- El Paso Exploration & Production Co.

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