Fitch rates Kinder Morgan notes BB+

Fitch Ratings said it assigned a BB+ rating to Kinder Morgan Finance Co., LLC's proposed offering of $600 million seven-year senior notes.

Kinder Finance is a wholly-owned subsidiary of Kinder Morgan Inc., which will guarantee the notes. The proceeds will be applied to repayment upon maturity of Kinder Finance Co.'s outstanding $750 million 5.35% notes due Jan. 5, 2011.

The outlook is stable.

Kinder Finance's notes, Kinder Morgan Inc.'s notes and debentures and its $1 billion revolving credit facility due May 2013 are secured by a first-priority interest in the capital stock of its wholly-owned subsidiaries and by perfect security interests in substantially all of its assets, Moody's said.

If in the future, the company was to terminate its revolver and related security agreement, the notes and debentures will automatically become unsecured, the agency said.

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