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PANHANDLE EASTERN UNITS 'BBB-' DEBT AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 PANHANDLE EASTERN UNITS 'BBB-' DEBT AFFIRMED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 14 /PRNewswire/ -- The 'BBB-' debt ratings for the following subsidiaries of Panhandle Eastern Corp. (PEC) are affirmed by Fitch: Texas Eastern Corp.'s notes and medium-term notes, Texas Eastern Transmission Corp.'s debentures and notes, and Panhandle Eastern Pipe Line Co.'s debentures. The credit trend is improving.
 All three PEC subsidiaries participate in the domestic interstate natural gas pipeline industry. Federal Energy Regulatory Commission Order 636 poses challenges for the industry and for specific companies in the years ahead. The PEC subsidiaries, in the upcoming competitive environment, are likely to continue exhibiting credit measures consistent with the 'BBB-' rating and an improving credit trend for several reasons. Existing and proposed strategic pipeline interconnections will redirect gas delivery capacity to accommodate shifting regional gas demands; further growth in gas throughput is probable. Also, the units will continue to tightly control operating costs. Earnings and internally generated cash are expected to expand. Better monetization of underperforming assets should occur. Balance sheet leverage should substantially decrease.
 -0- 8/14/92
 /CONTACT: William Stellenwerf, CPA of Fitch, 212-908-0558/
 (PEL) CO: Panhandle Eastern Corp. ST: Texas IN: OIL SU: RTG


PS -- NY025 -- 9933 08/14/92 10:22 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
Words:209
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