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DBRS cuts Kinder Morgan to junk, confirms Energy Partners
DBRS said it downgraded the senior notes and debentures rating of Kinder Morgan, Inc. to BB with a stable trend from BBB (low) under review negative.
The action reflects a significant weakening of the company's non-consolidated credit metrics following the closing of the acquisition of El Paso Corp., according to the agency.
Concurrently, DBRS confirmed the BBB (high) medium-term notes and unsecured debentures rating of Kinder Morgan Energy Partners, LP with a stable trend.
For the year ended Dec. 31, Kinder Morgan Energy Partner's financial profile remained stable and solid for the BBB (high) rating, with the debt-to-capital ratio of 63%, cash flow-to-debt of 23% and EBITDA-interest coverage of 6.07x, the agency said.
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