Supportive regulation, Stable revenue stream, and Serves growing markets. Weak credit quality of parent El Paso Corp. and possibility Southern Natural could be leveraged to support parent, Stiff competition, Moderate customer concentration, and Price competitiveness of liquid natural gas. The ratings on Southern Natural Gas Co. (SNG), a subsidiary of El Paso Corp., are based on the credit quality of the consolidated entity. Thus, the ratings on SNG are expected to mirror those of El Paso. The ratings on El Paso continue to be pressured by onerous debt leverage, ongoing refinancing risk due to large near-term debt maturities, and the challenges the company faces in executing an aggressive operational restructuring. Among the most important aspects of El Paso's restructuring is
