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DBRS: Kinder Morgan unaffected
DBRS said that Kinder Morgan Energy Partners, LP's rating of BBB (high) with a stable trend and Kinder Morgan, Inc.'s rating of BB with a stable trend are not affected by Kinder Morgan Energy's plans to acquire 100% of Tennessee Gas Pipeline and a 50% interest in El Paso Natural Gas pipeline from Kinder Morgan, Inc. for about $6.22 million.
The purchase price is about 8.0 times 2012 EBITDA and includes $1.8 billion of assumed debt at Tennessee Gas and about $560 million of proportional debt at El Paso, according to the agency. The proposed asset acquisition is expected to close this month.
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