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Moody’s takes actions on Kinder Morgan
Moody's Investors Service said it has completed its review of Kinder Morgan Inc.'s ratings and upgraded the senior unsecured rating to Baa3 to reflect the contemplated merger of Kinder Morgan with Kinder Morgan Energy Partners, LP and El Paso Pipeline Partners Operating Co. LP.
Contemporaneously, the agency downgraded the rating of Kinder Morgan Energy to Baa3 and upgraded the rating of El Paso Pipeline to Baa3.
All three companies were assigned a stable outlook.
Moody’s said the equalization of the ratings reflects the cross-guarantee of debt among the three issuers. Additional upgrades and downgrades were made to subsidiaries of Kinder Morgan to reflect the impact of the widespread cross-guarantee of debt and elimination of structural subordination.
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