S&P: Southern Union unaffected

Standard & Poor's said Thursday that Southern Union Co.'s (BBB/negative/--) announcement that CCE Holdings LLC, its joint venture with GE Commercial Finance Energy Financial Services, will acquire for $2.45 billion the pipeline assets of CrossCountry Energy LLC from Enron Corp., does not immediately affect the ratings on Southern Union.

A final sale order is expected by the Enron bankruptcy court on Sept. 9, after which Southern Union will disclose details of the acquisition, which should close no later than mid-December.

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