Moody's rates Kinder Morgan notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to the new $600 million senior secured notes for Kinder Morgan Finance Co., LLC.

The outlook is negative.

The proceeds will be used to fund the company's $750 million of senior notes also at Kinder Morgan Finance and guaranteed by Kinder Morgan, Inc that mature Jan. 5, 2011, Moody's said.

The new notes rank pari passu with the company's existing senior secured notes given that these notes will also be guaranteed by Kinder Morgan.

Moody's said the notes may become unsecured if the company's $1 billion revolving credit facility becomes unsecured.

The company's negative outlook continues to reflect the elevated leverage for the consolidated family of companies, the agency said.

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