S&P: El Paso unchanged

Standard & Poor's said that its ratings and outlook on El Paso Corp. (B-/negative/--) would remain unchanged following the company's announcement that it is buying oil and gas producing properties in Texas.

S&P said it views the purchase as a step toward improving El Paso's upstream operations and therefore supportive of the company's credit quality. The onshore properties provide incremental balance to the company's historically erratic Gulf of Mexico production.

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