Moody's rates Midcontinent Express Ba1

Moody's Investors Service said it assigned a first time Ba1 corporate family rating and Ba1 (LGD 3; 49%) rating to Midcontinent Express Pipeline LLC's (MEP) pending $800 million senior unsecured note offering.

The outlook is stable.

Proceeds will repay construction loan borrowings under a $1.4 billion unsecured facility guaranteed severally by MEP sponsors Kinder Morgan Energy Partners (KMP; Baa2, negative outlook) and Energy Transfer Partners (ETP; Baa3, stable).

The loan facility will be reduced to $200 million to $250 million after the offering and remain guaranteed until a February 2011 maturity.

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