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S&P: El Paso on positive watch
Standard & Poor's said it placed its B+ corporate credit ratings on El Paso Corp. and its subsidiaries on CreditWatch with positive implications.
The agency said that the rating action follows the company's announcement that it intends to sell its ANR Pipeline Co. subsidiary, its 50% interest in Great Lakes Gas Transmission and its Michigan storage assets to TransCanada Pipelines Ltd. (A-/negative) and TC Pipelines L.P. for $4.135 billion.
The proposed sale of ANR and Great Lakes Transmission provides El Paso with additional means to continue its efforts to strengthen its balance sheet and restore credit quality, the agency said.
El Paso's bondholders are poised to benefit from the significant amount of cash proceeds which could be used to reduced indebtedness and strengthen credit metrics, the agency noted.
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