NEW YORK (Standard & Poor's) Feb. 11, 2002--Standard & Poor's said today that it assigned its triple-'B'/triple-'B'-minus/triple-'B'-minus to gas pipeline operator El Paso Corp.'s (BBB+/Stable/A-2) $3 billion universal shelf registration of senior unsecured notes, junior subordinated debt, preferred stock that may be issued by El Paso Capital Trust II and/or El Paso Capital Trust III. El Paso filed its universal shelf on Feb. 8, 2002. The outlook is stable. Houston, Texas-based El Paso Corp. is North America's biggest natural gas pipeline operator and has about $17 billion in debt. According to credit analyst William Ferara, "Standard & Poor's rating expectations for the consolidated entity are based in part on El Paso's stated intention to strengthen its financial profile and simultaneously...
Companies mentioned in this report are:
- El Paso Holdco LLC
- Colorado Interstate Gas Co. LLC
- El Paso Natural Gas Co.
- ANR Pipeline Co.
- Southern Natural Gas Co.
- Tennessee Gas Pipeline Co.
Action: New Rating
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Research type: News
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