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Fitch rates Kinder Morgan notes BBB-
Fitch Ratings said it assigned a BBB- rating to Kinder Morgan, Inc.'s (KMI) offering of senior unsecured notes due 2023.
Proceeds are expected to be used to repay Kinder Morgan’s term loan, redeem senior notes at wholly owned subsidiary, Hiland Partners Holdings, LLC, and for general corporate purposes.
The notes will be unconditionally guaranteed, jointly and severally, by substantially all of the company’s wholly owned domestic subsidiaries pursuant to its existing cross guarantee agreement.
The notes will be pari passu to Kinder Morgan’s and its wholly owned guarantor subsidiaries other senior unsecured debt.
The company’s and its wholly owned subsidiaries, subject to the cross-guarantee agreement, long-term issuer default and senior unsecured ratings are currently BBB-/stable.
Fitch said the ratings reflect its consolidated ratings approach to Kinder Morgan and its various subsidiaries subject to the cross-guarantee agreements among and between the Kinder Morgan entities. The cross guarantees are joint and several, absolute and unconditional, between the entities.
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