S&P rates Kinder Morgan preferreds BB+

Standard & Poor's said it assigned a BB+ credit rating to Kinder Morgan GP Inc.'s $100 million series A fixed- to floating-rate term cumulative preferred stock due 2057.

The outlook is stable.

The stable outlook is based on sufficient equity support for an aggressive capital plan to complete several large growth projects and no significant delays in those projects that would postpone the onset of cash generation, the agency said.

"Any slippage in construction progress could lead to an outlook change or ratings downgrade, either of which would lead to a lower short-term rating," S&P credit analyst Michael Messer said in a written statement.

A ratings upgrade or positive outlook revision is unlikely because the entities must perform almost flawlessly just to maintain ratings stability, S&P said.

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