Fitch affirms Knight

Fitch Ratings said it has affirmed the outstanding ratings for Knight Inc. as follows: issuer default rating at BB+; secured notes and debentures to at BB+; secured credit facility at BB+; and capital trust securities (KN Capital Trust I and III) at BB-.

The outlook is stable.

According to the agency, Knight (formerly Kinder Morgan, Inc.) has ownership interests in two businesses: the 2% general partner interest and about 22 million limited partner units in Kinder Morgan Energy Partners, LP (rated BBB with a stable outlook) and about 11 million shares of its affiliate Kinder Morgan Management, LLC.

Knight's ratings and stable outlook are based on the following favorable considerations, including asset sales and debt reduction have met or exceeded expectations as well as execution risk associated with de-leveraging that is no longer an issue, Fitch added.

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