S&P AND FITCH INITIATE REVIEWS OF EXPRESS PIPELINE ASSESSMENTS

Hart's Petroleum Finance Week, July, 2002

Standard and Poor's Corp. placed its ratings on watch, with developing implications, and Fitch Ratings placed its assessments on watch, with a negative trend, after EnCana Corp. (TSE and NYSE: ECA) said that it plans to divest its 100 percent ownership of the Express Pipeline. The actions affected U.S.$150 million of 6.47 percent senior secured notes, due 2013, and U.S.$250 million of 7.39 percent subordinated secured debt, due 2019, both of which were issued jointly by Express Pipeline L.P. and Express Pipeline LLC (formerly Express Pipeline Partnership) in February 1998. S&P and Fitch each currently rate the senior notes Single A-Minus and the subordinated debt Triple B-Minus. Assessments could be raised, lowered, or maintained, based on the purchaser's credit quality,...

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