S&P: El Paso ratings unaffected

Standard & Poor's said Wednesday that the Feb. 1 public acknowledgement by El Paso Corp. (B/negative/--) that there is some risk of a negative revision to the company's proved reserves estimates will not immediately affect the company's ratings.

As noted in S&P's current outlook statement on El Paso, a reasonable reduction of its reserve base due to the ongoing review of its new reservoir engineer, Ryder Scott Co., is factored into the current ratings. The negative outlook is based primarily on the execution risks inherent in El Paso's new long-range plan to trim its operations and repair its balance sheet.

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