S&P: El Paso asset sales favorable for credit

Standard & Poor's said the recent Federal Energy Regulatory Commission approval of El Paso Corp.'s (B/negative/--) sale of its interest in East Coast Power LLC (BBB-/stable/--) to Goldman Sachs Group Inc. is favorable for El Paso's credit quality.

El Paso, which also recently announced another sale of an electric power holding, is expected to continue its efforts to sell higher-risk, unregulated operations as it delivers on its long-range plan to restore its financial strength.

S&P said success in disposing of El Paso's non-core assets and in turning around its exploration and production operations will be necessary to stabilize and eventually improve the company's credit quality.

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