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Moody's may lift ANR Pipeline
Moody's Investors Service said it placed under review for possible upgrade the debt ratings of ANR Pipeline Co. (Ba1 senior unsecured/positive outlook) and affirmed the ratings of its parent El Paso Corp. (B2 senior unsecured) with a positive outlook.
The agency said that these rating actions follow El Paso's announcement that it has agreed to sell ANR and its joint venture interest in Great Lakes Gas Transmission to TransCanada Corp. (A3 issuer rating) for $4.1 billion, including the assumption of over $700 million of ANR's debt.
The rating review anticipates ANR's acquisition by a higher rated entity, Moody's said.
The affirmation of the positive outlook for El Paso is based on the understanding that all of the net proceeds will be applied toward debt reduction, so that the related interest cost savings will offset the loss of earnings from ANR, the agency noted.
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