Printer Friendly

PANHANDLE EASTERN PIPE LINE $100 MILLION DEBS. RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 8 /PRNewswire/ -- Panhandle Eastern Pipe Line Co.'s (PEPL's) $100 million 7.95 percent debentures due March 15, 2023 are rated BBB-' by Fitch. The debentures are a shelf registration takedown. In addition, the BBB-' rating is affirmed on PEPL's outstanding debentures. The credit trend is improving.
 Panhandle Eastern Pipe Line is one of four strategically interconnected pipeline systems owned and operated by Panhandle Eastern Corp., one of the largest interstate natural gas transmission companies in the United States. PEPL's 1992 reported operating income rose to $99 million versus $37 million in the prior year.
 Several factors account for this earnings improvement: adoption of straight-fixed-variable rates last April; aggressive marketing efforts; resolution of Pan Alberta gas supply realignment contracts; cost controls; elimination of upstream finance charges associated with Trunkline Gas Co.'s global LNG settlement; higher gas throughput; and favorable conclusion of an outstanding rate case. While detailed financial results are not yet available, it appears that most of the improvement in operating income advance stemmed from ongoing or continuing factors. PEPL's lower, more competitive cost structure attracted bigger gas volumes.
 Management initiatives which enhanced last year's operating profit reinforce expectations that this Midcontinent pipeline is favorably positioned to compete in the FERC Order 636 unbundled service environment, slated to begin later this year.
 -0- 3/8/93
 /CONTACT: William M. Stellenwerf, CPA of Fitch, 212-908-0558/
 (PEL)


CO: Panhandle Eastern Pipe Line Co. ST: Texas IN: OIL SU: RTG

WB -- NY081 -- 4206 03/08/93 16:26 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 8, 1993
Words:251
Previous Article:SUNSHINE PIPELINE FILED WITH THE FLORIDA PUBLIC SERVICE COMMISSION
Next Article:SET COMMON INDUSTRIAL GAS STANDARDS, URGES EIGA'S CABLE
Topics:


Related Articles
TEXAS EASTERN TRANSMISSION $100 MILLION NOTES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --
PANHANDLE EASTERN UNITS 'BBB-' DEBT AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
PANHANDLE EASTERN PIPE LINE $200 MILLION SHELF RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --
DUFF & PHELPS RATES PANHANDLE EASTERN PIPE LINE COMPANY'S $100 MILLION DEBENTURES 'BBB'
PANHANDLE EASTERN PIPE LINE $100 MILLION DEBENTURES RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
PANHANDLE EASTERN $200 MILLION SHELF, MEDIUM TERM NOTES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --
PANHANDLE EASTERN CORP. $100 MILLION NOTES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --
PANHANDLE EASTERN, PIPELINE SUBSIDIARIES ON FITCHALERT POS -- FITCH FINANCIAL WIRE --
PANHANDLE EASTERN $100 MILLION DEBENTURES RATED 'BBB-' BY FITCH; ON FITCHALERT POSITIVE -- FITCH FINANCIAL WIRE --
PEC 100 MILLION NOTES RATED 'BBB-'; PEC & SUBSIDIARY ON FITCHALERT POSITIVE -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters