Fitch lowers NGPL

Fitch Ratings said it has downgraded the issuer default rating for NGPL PipeCo LLC to B- from B. Also downgraded, to B-/RR4 from B/RR4, are NGPL's senior notes and term loan B.

The outlook is revised to negative from stable.

The agency noted that a total of $2.95 billion of outstanding senior debt is affected by the rating downgrade.

Fitch stated that the downgrade reflects NGPL's weakening credit metrics, primarily the result of 2010 Federal Energy Regulatory Commission mandated phased-in decreases in operating subsidiary Natural Gas Pipeline Co. of America's base recourse rates and fuel retention factors, and unfavorable market conditions.

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