Fitch rates Panhandle Eastern notes BBB

Fitch Ratings said it assigned a BBB rating to Panhandle Eastern Pipe Line Co., LP's $150 million of 8.125% senior unsecured notes due 2019.

The outlook is negative.

Proceeds will be loaned to parent Southern Union Co. (BBB-/stable), which will then be used to repay short-term debt. Southern Union will subsequently repay the inter-company obligation to fund Pandhandle's debt maturities in July 2009 and April 2010. Remaining proceeds will be used to fund capital expenditures and for general corporate purposes.

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