S&P rates Kinder Morgan notes BBB

Standard & Poor's said it assigned a BBB rating to Kinder Morgan Energy Partners LP's $1 billion of senior unsecured notes.

The proceeds will be used to repay short-term debt and for general partnership purposes.

The rating reflects the company's strong business risk profile, which is partly offset by its significant financial risk profile, S&P said.

The rating also considers the linkage between Kinder Morgan Energy and its lower-rated parent, Kinder Morgan Inc., the agency said.

The stable outlook reflects expectations of a near-term improving financial profile after the completion of the company's large pipeline projects, which would eliminate the uncertainty of further construction cost overruns and reduces liquidity concerns, S&P said.

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