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Fitch lifts Tennessee Gas, affirms El Paso
Fitch Ratings said it upgraded the issuer default rating and senior unsecured rating of Tennessee Gas Pipeline Co., LLC to BBB from BBB- and affirmed the issuer default rating and senior unsecured ratings of El Paso Natural Gas Co., LLC at BBB- ahead of the proposed acquisition of 100% of Tennessee Gas and 50% of El Paso by Kinder Morgan Energy Partners, LP.
Tennessee Gas Pipeline's senior unsecured debt also was upgraded to BBB from BBB- and El Paso's senior unsecured debt was affirmed at BBB-.
The outlook is stable.
The upgrade is supported by the low-risk nature and cash flow stability of the system's interstate Federal Energy Regulatory Commission regulated pipeline operations and the company's position as a premier pipeline system, Fitch said.
The ratings also recognize that Tennessee Gas is spending a significant amount to expand its system, the agency said.
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