Fitch: Kinder Morgan notes BBB

Fitch Ratings said it assigned a BBB rating to Kinder Morgan Energy Partners, LP's $600 million 6.38% notes due 2041 and $500 million 3.50% notes due 2016.

The proceeds will be used to repay $700 million of maturing long-term debt and pay off about $400 million of commercial paper.

The outlook is stable.

The ratings reflect the company's significant scope of operations, diversity of assets, favorable track record and predictable earnings and cash flow, Fitch said.

The ratings also consider the company's relationship with Kinder Morgan, Inc., owner of its general partner interest, exposure to interest rates on about $5.4 billion of variable-rate debt, the negative effects of a slowly recovering economy on asset utilization and its aggressive expansion program, the agency said.

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