S&P assigns Colorado Interstate Gas notes B

Standard & Poor's said it assigned its B rating to Colorado Interstate Gas Co.'s (B/positive) planned $400 million senior unsecured notes.

At the same time, S&P said it affirmed its B corporate credit ratings on El Paso and its subsidiaries.

The outlook remains positive.

S&P noted the ratings on El Paso and its subsidiaries, including Colorado Interstate, are based on a consolidated credit method, resulting in the same corporate credit rating for the holding company and each of its subsidiaries.

The ratings on El Paso reflect a weak business profile burdened by failed unregulated power ventures and the challenges of rehabilitating poorly performing exploration and production operations, coupled with a highly overleveraged capital structure and considerable debt maturities through 2007, S&P added.

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