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S&P: GulfTerra on negative watch
Standard & Poor's BB+ corporate credit rating on GulfTerra Energy Partners LP (BB+/Watch negative/--) remains on CreditWatch with negative implications despite the resolution of the CreditWatch listing of its proposed merger partner Enterprise Products Partners LP (BB+/stable/--).
If the merger is ultimately completed, S&P said it will affirm its BB+ rating on GulfTerra, consistent with the rating on Enterprise.
The continuation of the negative CreditWatch designation for GulfTerra is tied to the need to re-evaluate the company's credit profile if the merger is not accomplished. In that case, the ratings of GulfTerra would likely be affirmed but could be lowered.
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