Moody's confirms El Paso Production

Moody's Investors Service said it confirmed El Paso Production Holding's senior unsecured note and senior implied B3 ratings and moved the outlook to stable.

Given the company's weak production trend and natural gas price volatility, the outlook and the ratings will be closely monitored.

Today's action completes a review for downgrade begun Feb. 18, 2004, coinciding with a simultaneous review for downgrade of the consolidated El Paso group. The El Paso review has also been completed, confirming its B3 senior implied and Caa1 senior unsecured note ratings, each with a stable outlook.

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