S&P: Southern Star still on developing watch

Standard & Poor's said its BB corporate credit ratings on Southern Star Central Corp. and wholly owned subsidiary Southern Star Central Gas Pipeline Inc. remain on CreditWatch with developing implications.

Southern Star Central's B+ senior secured debt and Southern Star Central Gas Pipeline's BBB- senior secured debt are also on developing watch.

The CreditWatch update follows the announcement that GE Energy Financial Services and Caisse de depot et placement du Quebec have agreed to buy the Southern Star pipeline system from AIG Highstar Capital LP for $362 million, plus the assumption of $467 million in debt and preferred stock, the agency noted.

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