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TEXAS EASTERN TRANSMISSION $100 MILLION NOTES RATED 'BBB-' BY FITCH -- FITCH FINANCIAL WIRE --

TEXAS EASTERN TRANSMISSION $100 MILLION NOTES RATED 'BBB-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 23 /PRNewswire/ -- Texas Eastern Transmission Corporation's (TETCO's) SEC 415 shelf registration is rated 'BBB-' by Fitch. The new $100 million of 8 percent notes due 2002 to be issued from this shelf is also rated 'BBB-'. In addition, a 'BBB-' rating is affirmed for outstanding TETCO notes and debentures. The credit trend is improving.
 Texas Eastern Transmission is one of four strategically interconnected pipeline systems owned and operated by Panhandle Eastern Corporation, one of the largest interstate natural gas transmission companies in the United States. The TETCO system provides access to key Northeastern gas markets which have excellent longer term growth aspects. Despite the national economic recession, gas throughput is growing and TETCO's business fundamentals are improving: Operating costs are declining. Marketing initiatives are adding new customers. Significant incremental capacity expansion programs are being brought on-line to meet projected natural gas demand growth. Long-standing regulatory and environmental issues are being resolved.
 -0- 7/23/92
 /CONTACT: William Stellenwerf of Fitch, 212-908-0558/
 (PEL) CO: Texas Eastern Transmission Corporation ST: Texas IN: OIL SU: RTG


AH -- NY101 -- 2692 07/23/92 15:55 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:198
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