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Rating Action:

Correction to text, Sept. 27, 2006 release: Moody's changes ratings on 15 energy midstream companies under LGD rating methodology

02 Oct 2006
Correction to text, Sept. 27, 2006 release: Moody's changes ratings on 15 energy midstream companies under LGD rating methodology

New York, October 02, 2006 -- Correction to text under Regency Gas Services LP. Revised release follows.

Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the broad energy midstream sector, encompassing companies that engage in the extraction, treating, transmission, distribution, and logistics for crude oil, natural gas, and other hydrocarbon products. The midstream sector comprises 22 families of companies subject to the LGD methodology including master limited partnerships and their general partner sponsors and regulated gas companies.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

In connection with implementing LGD for the midstream sector, Moody's also assigned multiple Corporate Family Ratings (CFR) for El Paso Corp. (El Paso) and The Williams Companies, Inc. (Williams) in which there is believed to be very low correlation of default probability among related legal entities in a single consolidated organization. This situation is likely to occur in organizations comprised of multiple legal entities, whose stand-alone credit risk is substantially insulated by regulatory or structural factors. Additionally, CFRs were assigned for the first time to companies that did not previously have them, including SEMCO Energy, Inc. and the pipeline subsidiaries of El Paso and Williams.

In El Paso's case, the CFR of B1 was changed to B2, redefining the scope of legal entities covered by this CFR as encompassing only the holding company level and excluding its core pipeline and E&P operating subsidiaries. El Paso Exploration & Production Company's CFR changed from B1 to Ba3, which has been redefined to reflect that subsidiary on a standalone basis. A CFR of Ba1 was assigned to each of El Paso's five pipeline subsidiaries: Tennessee Gas Pipeline Company, Southern Natural Gas Company, El Paso Natural Gas Company, ANR Pipeline Company, and Colorado Interstate Gas Company.

For Williams, Moody's assigned a Ba1 CFR to Williams Gas Pipeline Company, LLC, the holding company for the rated debt issued by its gas pipeline subsidiaries Northwest Pipeline Corporation and Transcontinental Gas Pipeline. Moody's also redefined the scope of Williams' CFR to include the holding company and all subsidiaries except Williams Gas Pipeline Company.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the energy midstream sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

AmeriGas Partners, L.P., Ba3

PDR: Ba3

7.25% Sr. Unsec. Global Notes due 2015, B1 --> B1, LGD 5, 71%

7.125% Sr. Unsec. Notes due 2016, B1 --> B1, LGD 5, 71%

Atlas Pipeline Partners, L.P., B1

PDR: B1

8.125% Sr. Unsec. Global Notes due 2015, B1 --> B2, LGD 5, 71%

Copano Energy, LLC, B1

PDR: B1

8.125% Sr. Unsec. Global Notes due 2016, B2 --> B2, LGD 5, 72%

El Paso Corporation, B2* (1)

PDR: B2

Sr debs, 6.375% through 10.75%, due 2008 through 2037, B2 --> B2, LGD4, 52%

Sr notes, 5.75% through 10.75%, due 2006 through 2037, B2 --> B2, LGD4, 52%

Nts, 6.50% through 7.875%, due through 2018, B2 --> B2, LGD4, 52%

Medium-term Nts, 6.95% through 9.0%, due through 2032, B2 --> B2, LGD4, 52%

$1.25 billion Revolving Credit Facility, B1 --> Ba3, LGD2, 26%

$500mm Deposit Loan Facility, B1 --> Ba3, LGD2, 26%

El Paso Performance-Linked Trust

Performance-Linked Trust Securities, B2 --> B2, LGD4, 52%

El Paso Energy Capital Trust I

4.75 % Trust Convertible Preferred Securities, B3 --> Caa1, LGD6, 96%

El Paso Tennessee Pipeline Co.

Sr Unsec Debs, 7.25% - 10%, due 2008 - 2025, B2 --> B2, LGD4, 52%

ANR Pipeline Company, Ba1*

PDR: Ba2

Debs and nts, 7.0% through 9.625%, due 2010 through 2025, Ba2 --> Ba1, LGD3, 36%

Nts, 13.75% due 2010, Ba2 --> Ba1, LGD3, 36%

Colorado Interstate Gas Company, Ba1*

PDR: Ba2

Sr Debs, 10.0% and 6.85%, due 2037, Ba2 --> Ba1, LGD3, 35%

Sr Nts, 5.95% and 6.80%, due 2015, Ba2 --> Ba1, LGD3, 35%

El Paso Exploration & Production Company, Ba3* (2)

PDR: Ba3

Sr Nts, 7.75%, due 2013 , B1 --> B1, LGD4, 61%

El Paso Natural Gas Company, Ba1*

PDR: Ba2

Nts, 7.625% due 2010, Ba2 --> Ba1, LGD3, 35%

Nts, 8.375%, due 2032, Ba2 --> Ba1, LGD3, 35%

Debs, 7.5%, due 2026 , Ba2 --> Ba1, LGD3, 35%

Debs,8.625%, due 2022, Ba2 --> Ba1, LGD3, 35%

Southern Natural Gas Company, Ba1*

PDR: Ba2

Nts, 6.125% through 8.875%, due 2007 through 2032, Ba2 --> Ba1, LGD3, 35%

Tennessee Gas Pipeline Company, Ba1*

PDR: Ba2

Debs, 6.0% through 7.625%, due 2011 through 2037, Ba2 --> Ba1, LGD3, 35%

Nts, 8.375%, due 2032, Ba2 --> Ba1, LGD3, 35%

EPCO Holdings, Inc., Ba1

PDR: Ba1

Sr. Sec. Gtd. Revolving Credit Facility due 2008, Ba3 --> Ba2, LGD 6, 92%

Sr. Sec. Gtd. Term Loan due 2008, Ba3 --> Ba2, LGD 6, 92%

Sr. Sec. Gtd. Term Loan B due 2010, Ba3 --> Ba2, LGD 6, 92%

Ferrellgas Partners L.P., Ba3

PDR: Ba3

8.75% Sr. Unsec. Notes due 2012, B2 --> B2, LGD 6, 91%

Ferrellgas, L.P.

6.75% Sr. Unsec. Global Notes due 2014, Ba3 --> Ba3, LGD 3, 44%

Holly Energy Partners, L.P., Ba3

PDR: Ba3

6.25% Sr. Unsec. Gtd. Global Notes due 2015, Ba3 --> B1, LGD 4, 62%

Inergy, L.P., Ba3

PDR: Ba3

6.875% Sr. Unsec. Gtd. Global Notes due 2014, B1 --> B1, LGD 4, 67%

8.25% Sr. Unsec. Gtd. Global Notes due 2016, B1 --> B1, LGD 4, 67%

MarkWest Energy Partners, L.P., B1

PDR: B1

6.875% Sr. Unsec. Global Notes due 2014, B2 --> B2, LGD 4, 70%

8.5% Sr. Unsec. Global Notes due 2016, B2 --> B2, LGD 4, 70%

MarkWest Operating Company, L.L.C.

Sr. Sec. Revolving Credit Facility due 2010, Ba3 --> Ba1, LGD 2, 15%

Sr. Sec. Term Loan due 2010, Ba3 --> Ba1, LGD 2, 15%

MGG Midstream Holdings, L.P., Ba1

PDR: Ba1

Sr. Sec. Term Loan due 2010, Ba3 --> Ba2, LGD 6, 93%

MxEnergy Holdings Inc., B3

PDR: B3

Sr. Unsec. Flt Rt Global Notes due 2011, Caa1 --> Caa1, LGD 5, 77%

Niska Gas Storage, Ba3

PDR: Ba3

AECO Gas Storage

Sr. Sec. Revolving Credit Facility due 2011, Ba3 --> Ba3, LGD4, 50%

Niska Gas Storage Canada ULC

Sr. Sec. Term Loan due 2013, Ba3 --> Ba3, LGD4, 50%

Niska Gas Storage US, LLC

Sr. Sec. Term Loan due 2013, Ba3 --> Ba3, LGD4, 50%

Sr. Sec. Revolving Credit Facility due 2011, Ba3 --> Ba3, LGD4, 50%

Regency Gas Services LP, B1

PDR: B2

Sr. Sec. Revolving Credit Facility due 2011, B1 --> B1, LGD 3, 33%

Sr. Sec. Term Loan due 2013, B1 --> B1, LGD 3, 33%

SEMCO Energy, Inc., Ba2*

PDR: Ba3

6.4% Sr. Unsec. Medium Term Notes due 2008, Ba2 --> Ba2, LGD 3, 37%

7.03% Sr. Unsec. Medium Term Notes due 2013, Ba2 --> Ba2, LGD 3, 37%

8% Sr. Unsec. Notes due 2016, Ba2 --> Ba2, LGD 3, 37%

6.49% Sr. Unsec. Notes due 2009, Ba2 --> Ba2, LGD 3, 37%

7.75% Sr. Unsec. Global Notes due 2013, Ba2 --> Ba2, LGD 3, 37%

7.125% Sr. Unsec. Global Notes due 2008, Ba2 --> Ba2, LGD 3, 37%

SemGroup, L.P., Ba3

PDR: Ba3

8.75% Sr. Unsec. Gtd. Global Notes due 2015, B1 --> B1, LGD 5, 79%

Sr. Sec. Gtd. Revolving Credit Facility due 2010, Ba3 --> Ba2, LGD 3, 41%

Sr. Sec. Gtd. Term Loan due 2010, Ba3 --> Ba2, LGD 3, 41%

SemCams Holding Company

Sr. Sec. Term Loan due 2010, Ba3 --> Ba2, LGD 3, 41%

Southern Star Central Corp., Ba1

PDR: Ba1

6.75% Sr. Unsec. Global Notes due 2016, Ba3 --> Ba2, LGD 5, 80%

Star Gas Partners, L.P., Caa1

PDR: Caa1

10.25% Sr. Unsecured Global Notes due 2013, Caa3 --> Caa3, LGD 5, 85%

Suburban Propane Partners, L.P., Ba3

PDR: Ba3

6.875% Sr. Unsec. Global Notes due 2013, B1 --> B1, LGD 5, 78%

**Targa Resources, Inc., Ba3

PDR: Ba3

Sr. Sec. Gtd. Term Loan due 2012, Ba3 --> Ba3, LGD 3, 50%

Sr. Sec. Gtd. Bank Credit Facility due 2007, Ba3 --> Ba3, LGD 3, 50%

Sr. Sec. Revolving Credit Facility due 2011, Ba3 --> Ba3, LGD 3, 50%

Sr. Sec. Gtd. Letter of Credit Facility due 2011, Ba3 --> Ba3, LGD 3, 50%

8.5% Sr. Unsec. Global Bonds due 2013, B2 --> B2, LGD 6, 93%

Vulcan Energy Corporation, Ba1

PDR: Ba1

Sr. Sec. Gtd. Term Loan B due 2011, Ba2 --> Ba2, LGD 6, 95%

Sr. Sec. Gtd. Revolving Credit Facility due 2009, Ba2 --> Ba2, LGD 6, 95%

Williams Companies, Inc. (The), Ba2

PDR: Ba2

10.25% Sr. Unsec. Debentures due 2020, Ba2 --> Ba2, LGD 4, 59%

9.375% Sr. Unsec. Debentures due 2021, Ba2 --> Ba2, LGD 4, 59%

8.875% Sr. Unsec. Debentures due 2012, Ba2 --> Ba2, LGD 4, 59%

7.625% Sr. Unsec. Notes due 2019, Ba2 --> Ba2, LGD 4, 59%

7.5% Sr. Unsec. Bonds due 2031, Ba2 --> Ba2, LGD 4, 59%

5.935% Sr. Unsec. Notes due 2007, Ba2 --> Ba2, LGD 4, 59%

7.75% Sr. Unsec. Bonds due 2031, Ba2 --> Ba2, LGD 4, 59%

7.875% Sr. Unsec. Notes due 2021, Ba2 --> Ba2, LGD 4, 59%

7.125% Sr. Unsec. Notes due 2011, Ba2 --> Ba2, LGD 4, 59%

8.125% Sr. Unsec. Global Notes due 2012, Ba2 --> Ba2, LGD 4, 59%

8.75% Sr. Unsec. Global Bonds due 2032, Ba2 --> Ba2, LGD 4, 59%

8.625% Sr. Unsec. Notes due 2010, Ba2 --> Ba2, LGD 4, 59%

Multiple Seniority Shelf (Senior Unsecured), (P)Ba2 --> (P)Ba2, LGD 4, 59%

Multiple Seniority Shelf (Subordinate), (P)Ba3 --> (P)B1, LGD 6, 96%

Multiple Seniority Shelf (Preferred), (P)B1 --> (P)B1, LGD 6, 97%

Williams Production RMT Company

7.55% Sr. Unsec. Notes due 2007, Ba2 --> Ba2, LGD 4, 59%

Williams Holdings of Delaware, Inc.

6.5% Sr. Unsec. Notes due 2008, Ba2 --> Ba2, LGD 4, 59%

MAPCO Inc.

7.25% Sr. Unsec. Notes due 2009, Ba2 --> Ba2, LGD 4, 59%

8.72% Sr. Unsec. Notes due 2022, Ba2 --> Ba2, LGD 4, 59%

7.7% Sr. Unsec. Notes due 2027, Ba2 --> Ba2, LGD 4, 59%

Transco Energy Company

9.875% Sr. Unsec. Notes due 2020, Ba2 --> Ba2, LGD 4, 59%

Williams Gas Pipeline Company, LLC, Ba1*

PDR: Ba2

Northwest Pipeline Corporation

9% Sr. Unsec. Debentures due 2022, Ba1 --> Ba1, LGD 3, 35%

7.125% Sr. Unsec. Debentures due 2025, Ba1 --> Ba1, LGD 3, 35%

6.625% Sr. Unsec. Debentures due 2007, Ba1 --> Ba1, LGD 3, 35%

7% Sr. Unsec. Gtd. Global Notes due 2016, Ba1 --> Ba1, LGD 3, 35%

8.125% Sr. Unsec. Global Notes due 2010, Ba1 --> Ba1, LGD 3, 35%

Sr. Unsec. Shelf , (P)Ba1 --> (P)Ba1, LGD 3, 35%

Transcontinental Gas Pipe Line Corporation

7.08% Sr. Unsec. Debentures due 2026, Ba1 --> Ba1, LGD 3, 35%

7.25% Sr. Unsec. Debentures due 2026, Ba1 --> Ba1, LGD 3, 35%

6.25% Sr. Unsec. Bonds due 2008, Ba1 --> Ba1, LGD 3, 35%

7% Sr. Unsec. Global Notes due 2011, Ba1 --> Ba1, LGD 3, 35%

8.875% Sr. Unsec. Notes due 2012, Ba1 --> Ba1, LGD 3, 35%

Sr. Unsec. Flt Rt Global Notes due 2008, Ba1 --> Ba1, LGD 3, 35%

6.4% Sr. Unsec. Global Notes due 2016, Ba1 --> Ba1, LGD 3, 35%

Sr. Unsec. Shelf , (P)Ba1 --> (P)Ba1, LGD 3, 35%

Williams Partners LP, Ba3

PDR: Ba2

7.5% Sr. Unsec. Global Notes due 2011, Ba3 --> Ba3, LGD 4, 67%

* This CFR has been assigned in conjunction with implementing LGD

** Denotes certain ratings may be under review

(1) This CFR relates only to El Paso Corp. parent company, not the consolidated entity

(2) This CFR relates only to El Paso Exploration & Production Co., not the EP consolidated entity

end

New York
John Diaz
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Mihoko Manabe
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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