S&P lowers Main Street Natural Gas, Calif., 2006B bonds

Standard & Poor's said it lowered its senior secured debt rating on Main Street Natural Gas Inc.'s $527.6 million series 2006B gas revenue bonds to A from A+ with a negative outlook. S&P also affirmed its AA- rating on Main Street's $528.3 million series 2006A gas revenue bonds and revised the outlook to negative from stable.

The rating actions follow the June 2 rating action on JPMorgan Chase and Co. (AA-/negative/A-1+) and Merrill Lynch & Co. Inc. (A/negative/A-1), which guarantee the obligations of Main Street's gas supplier under the 2006A and 2006B transactions, respectively.

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