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S&P: Kinder Morgan loan BB
Standard & Poor's said it assigned a BB rating and 4 recovery rating to Kinder Morgan Inc.'s $1.75 billion senior secured revolving credit facility, $6.8 billion 364-day revolving credit facility and $5 billion three-year term loan.
The agency also said it removed Kinder Morgan Finance Co. ULC's secured debt rating from CreditWatch with developing implications.
The outlook is stable.
The ratings reflect the company's strong business risk profile and aggressive financial risk profile, S&P said.
The agency said it expects that Kinder Morgan's pending acquisition of El Paso Corp. for $38 billion to close in late May.
Following the acquisition, Kinder Morgan will have an impressive business risk profile, but worsening financial metrics, the agency said.
The combination will create the fourth-largest energy company in North America, S&P said, with the largest natural gas pipeline network by a significant margin.
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