NY -- Standard&Poor's CreditWire 6/20/97 -- Standard&Poor's today has raised its ratings on PanEnergy Corp. and its subsidiaries and has removed the ratings from CreditWatch where they were placed Nov. 25, 1996 (see list below). The outlook is stable. In the release sent out earlier today, it was incorrectly stated that the 'A-2' commercial paper rating on PanEnergy Corp. was being withdrawn. The rating is affirmed and removed from CreditWatch. -- CreditWire RATINGS RAISED AND REMOVED FROM CREDITWATCH To From PanEnergy Corp. Corporate credit rating A- BBB Senior unsecured A- BBB Panhandle Eastern Pipe Line Co. Corporate credit rating A BBB+ Senior unsecured A BBB+ Texas Eastern Transmission Corp. Corporate credit rating A BBB+ Senior unsecured