S&P lifts El Paso

Standard & Poor's said it raised its long-term corporate credit rating on El Paso Corp. and its subsidiaries to B+ from B.

The outlook is positive.

S&P said that the upgrades recognize the considerable progress that the company has made refocusing on the core pipeline and oil and gas exploration and production operations and stabilizing its financial position.

The ratings on El Paso reflect a weak business risk profile burdened by failed unregulated power ventures and the challenges of rehabilitating poorly performing E&P operations, coupled with an aggressive financial profile based on a leveraged capital structure and considerable debt maturities through 2007, the agency said.

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