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S&P lifts Knight
Standard & Poor's said it raised its ratings on Knight Inc. to BB from BB- following Knight's sale of an 80% equity interest in MidCon LLC (principally the Natural Gas Pipeline Co. of America) to Myria Acquisition Inc., which represents a consortium of investors.
The outlook is stable.
According to S&P, the upgrade reflects a greater-than-expected improvement in the company's debt-to-EBITDA ratio, which the agency forecasts at about 3 times by the end of 2008.
Ratings on Knight, formerly Kinder Morgan Inc., also reflect the company's weak business risk profile and aggressive financial position, the agency said.
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