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Prospect News home > News index > List of issuers E > Headlines for El Paso Pipeline Partners, LP > News item |
Fitch rates El Paso Pipeline notes BBB-
Fitch Ratings said it assigned a BBB- rating to El Paso Pipeline Partners Operating Co. LLC's (EPBO) proposed $600 million senior notes due 2024.
The notes will rank pari passu with all of EPBO's existing and future unsecured senior debt and will be fully and unconditionally guaranteed on a senior unsecured basis by El Paso Pipeline Partners, LP (EPB).
Proceeds will be used to partially fund the pending acquisition of a 50% stake in Ruby Pipeline Holding Co., LLC (BBB-, stable), a 50% stake in Gulf LNG Holdings Group, LLC and a 47.5% stake in Young Gas Storage Co., Ltd.
These assets are being dropped down from EPB's ultimate parent, Kinder Morgan Inc. (BB+, stable).
Fitch said the ratings recognize the expected stability of EPBO's earnings and cash flows, which are supported by its lower business risk asset base consistent with most FERC-regulated pipeline assets.
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