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ANR Pipeline Co. Sep 02
Standard & Poors, Sep 2002
Abstract
Supportive regulation. Stable revenue stream. Sizable storage capacity. Stiff competition. Increasing gas supplies from Canada. Recontracting risk. The ratings for ANR Pipeline Co., an affiliate of El Paso Corp., are based on the strength of the consolidated entity. The underlying credit quality of ANR reflects its sizable storage capacity, nearly fully contracted volumes, and stable customer base, mostly in weather-sensitive Wisconsin and Michigan. These strengths are offset slightly by stiff competition that forces ANR to discount rates, the risks associated with shorter pipeline contracts, and the potential for heightened industry-wide safety compliance. ANR's reasonable cost structure, commanding capacity position, and measured expansion projects should allow the company to continue to generate strong, stable earnings and cash flow. Additionally, the proliferation...
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.,Electron Trust,Limestone Electron Trust ,Gemstone Investor Ltd.
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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