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S&P affirms Kinder Morgan, El Paso Pipeline
Standard & Poor's said it affirmed the BB corporate credit rating on Kinder Morgan Inc.
The outlook remains stable.
The affirmation follows news of the company's agreement to purchase El Paso Corp. for $38 billion.
The agency also said it affirmed the BBB corporate rating on Kinder Morgan Energy Partners LP.
S&P also affirmed the BB corporate credit rating on El Paso Corp. and its wholly owned subsidiaries. The ratings were removed from CreditWatch with positive implications, where they were placed in May.
The ratings on El Paso Pipeline Partners LP, including the BB corporate credit rating, remain on CreditWatch with positive implications.
Due to the fluid changes in Kinder Morgan's organizational structure, the agency said it placed the ratings on the secured debt at Kinder Morgan and the unsecured debt at El Paso on CreditWatch with developing implications, S&P said.
Kinder Morgan's pro forma size and improved cash flow profile balance the material amount of acquisition debt and degradation in credit metrics, the agency said.
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