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PANHANDLE EASTERN SUBSIDIARIES' SR DEBT RAISED TO 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 16 /PRNewswire/ -- Ratings on Panhandle Eastern Corp. subsidiaries' (PEL) senior debt are raised to "BBB" from "BBB-" and removed from FitchAlert, where they were placed with positive implications on April 30, 1993. Affected are Texas Eastern Corp.'s notes and medium-term notes; Texas Eastern Transmission Corp.'s unsecured debentures and notes; and Panhandle Eastern Pipe Line Co.'s debentures. The credit trend is improving.
 Fitch's ratings reflect expectations of further sizeable credit quality enhancement over the next 3-5 years. Several key qualitative and quantitative considerations reinforce the positive outlook. These include: reported financial results through the first half of 1993; completion of a $205 million common stock offering; anticipated further reduction of balance sheet leverage; planned initiatives to monetize selected natural-gas-related assets, including Northern Border Pipeline; and well defined, low-risk plans to improve the utilization, earnings, and cash generating potential of four strategically interconnected pipelines. In addition, all PEL subsidiaries have taken a strong leadership role in implementing Federal Energy Regulatory Commission Order 636.
 -0- 8/16/93
 /CONTACT: Bill Stellenwerf, CPA, 212-908-0558, of Fitch/
 (PEL)


CO: Panhandle Eastern Corp. ST: Texas IN: OIL SU: RTG

LG -- NY026 -- 2950 08/16/93 09:50 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
Words:198
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