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Moody's gives Rockies Express floaters Baa2
Moody's Investors Service said it assigned a Baa2 rating to the two-year floating-rate senior unsecured notes of Rockies Express Pipeline LLC.
The rating is based on the guarantees of the notes by the company's owners, Kinder Morgan Energy Partners, LP (Baa2 senior unsecured, 51% interest), Sempra Energy (Sempra, Baa1 senior unsecured, 25% interest) and ConocoPhillips (A1 senior unsecured, 24% interest).
The stable outlook on the company reflects the stable outlooks for the parent guarantors, Moody's said, adding that the creditworthiness of the parent guarantors is the primary rating factor, because Rockies is still under construction and will have very limited ability to service debt on its own until completion in 2009.
According to the agency, the Baa2 rating is based on the parent companies' unconditional and irrevocable guarantee of the due and punctual payment on the notes.
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