S&P: El Paso unaffected

Standard & Poor's said Wednesday that the announcement by El Paso Corp. (B-/negative/-) of a delay in the release of its fourth-quarter earnings and annual report to the Securities and Exchange Commission and the likelihood of a restatement of prior years' results will have no immediate affect on ratings.

The delay and possible restatement are tied to El Paso's internal reviews of the large reserve revision disclosed by the company in February, which led to a ratings downgrade at that time. S&P does not expect any further revisions arising from the company reviews.

The filing delays will require waivers under El Paso's bank loans, which S&P said it expects to be granted.

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