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Strategies & Market Trends : LastShadow's Position Trading
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To: jtech who wrote (42565)10/2/2002 2:55:34 PM
From: jtech  Read Replies (1) of 43080
 
PRESS RELEASE: Moody's Cuts Sr Unsec Debt Of El Paso Corp
The following is a press release from Moody's Investors Service:
TO Baa3); RATINGS REMAIN UNDER REVIEW FOR POSSIBLE FURTHER DOWNGRADE
Approximately $25 Billion of Debt Securities Affected.
New York, October 02, 2002 -- Moody's Investors Service downgraded the debt ratings (to Baa3 senior unsecured) of El Paso Corporation (EP) and its subsidiaries. The ratings remain under review for possible further downgrade.

The downgrades reflect: 1) the low level of EP's cash flow relative to its substantial debt. Annualized second quarter 2002 retained cash flow-to-debt was only 2% (cash flow from operations after changes in working capital and price risk management activities relative to debt adjusted to include on-balance sheet debt, minority interest financings, operating leases capitalized, and the Limestone and Gemstone debt); 2) Moody's expectation that the company's ability to improve its recurring cash flows in the near term will be challenged by the severe downturn in merchant energy sector; and 3) uncertainties related to the pending ruling by The Federal Energy Regulatory Commission (FERC) and the potential for legal contingencies that may result from such ruling.
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