S&P: Transwestern Pipe developing

Standard & Poor's said it revised the CreditWatch implications on its BB rating for Transwestern Pipeline Co. to developing from positive in response to the announcement by Enron Corp. of an agreement to sell Transwestern's direct parent, CrossCountry Energy LLC.

Until S&P gains more understanding about the details of the proposed sale and buyer, NuCoastal LLC, its affect on Transwestern's credit quality is unclear, the agency said. Given that the bankruptcy court overseeing the Enron reorganization will entertain competing bids for CrossCountry, even the ultimate owner of Transwestern remains in question.

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