News Column

Fitch Withdraws El Paso LLC's IDR

July 28, 2014



NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the Issuer Default Rating (IDR) for El Paso LLC (EP, formerly El Paso Corporation). Debt securities that were obligations of EP are now direct obligations of Kinder Morgan, Inc. (KMI).

EP's 'BB+' rated unsecured notes and debentures were assumed by El Paso Holdco LLC in late 2013 and, on June 30 2014, El Paso Holdco LLC was merged into KMI with KMI being the surviving company. The former EP notes and debentures maintain their 'BB+' ratings as direct obligations of KMI.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Non-Traditional MLP Assets' May 6, 2014;

--'Corporate Rating Methodology, Including Parent and Subsidiary Linkage' Aug. 5, 2013;

--'Rating Pipelines, Midstream, and MLPs - Sector Credit Factors' Jan. 13, 2014;

--'2014 Outlook: Natural Gas Pipelines' Dec. 10, 2013;

--'2014 Outlook: Midstream Services' Dec. 10, 2013;

--'2014 Outlook: Crude Oil and Refined Products Pipelines' Dec. 19, 2013;

--'NGL Pipelines: Northeast Surplus Drives New Projects' Dec. 20, 2013;

--'Credit Considerations for the GP/LP Relationship' Nov. 6, 2013;

--'Tax Event Risk and MLPs: Assessing a Change in Tax Law Status for MLPs' April 18, 2013.

--'2014 Outlook: Midstream Services' Dec. 10, 2013.

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=842097

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Ralph Pellecchia

Senior Director

+1-212-908-0586

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Peter Molica

Senior Director

+1-212-908-0288

or

Committee Chairperson

Mark C. Sadeghian, CFA

Senior Director

+1-312-368-2090

or

Media Relations

Brian Bertsch, New York, +1 212-908-0549

brian.bertsch@fitchratings.com

Source: Fitch Ratings


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