Fitch affirms Southern Union

Fitch Ratings said it affirmed the ratings of Southern Union Co. and Panhandle Eastern Pipe Line Co., LP as follows:

• Southern Union's issuer default rating at BBB-; first mortgage bonds at BBB; senior unsecured at BBB-; and junior subordinated at BB; and

• Panhandle Eastern's issuer default rating at BBB-; and senior unsecured at BBB-.

The outlook for both is stable.

According to the agency, key drivers of Southern Union's ratings are the stable performance of the company's regulated businesses, which include significant Federal Energy Regulatory Commission-regulated pipeline transportation and storage assets.

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