Fitch: Kinder Morgan notes BB+

Fitch Ratings said it assigned a BB+ rating to Kinder Morgan, Inc.'s proposed issuance of secured notes with a benchmark size of $1 billion.

The outlook is stable.

The proceeds will be used to repay borrowings under Kinder Morgan's senior secured revolving credit facility, Fitch said.

Kinder Morgan Inc. is the owner of the general partner and about 10% limited-partner interests in Kinder Morgan Energy Partners, LP.

Through its ownership of EL Paso LLC, Kinder Morgan Inc. is the owner of the general partner and about 41% limited-partner interests in El Paso Pipeline Partners LP.

The ratings reflect the significant scale of the group's consolidated operations, the quality and diversity of assets held by its operating master limited partnerships and the favorable implications of future asset dropdowns on Kinder Morgan's leverage metrics, Fitch said.

The agency said it expects leverage metrics will improve as the company drops assets down to its master limited partnerships and uses the resulting proceeds to de-lever.

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