Supportive regulation, Stable revenue stream, and Ample storage capacity which provides flexibility and competitive advantage. Weak credit quality of parent El Paso Corp. and the possibility that Southern Natural Gas Co. could be leveraged to support the parent, Management's increased focus on creating shareholder value, Low gas usage in southern U.S. is tempering demand, and Competition from cost-competitive electric utilities for home-heating. Southern Natural Gas Co. (SNG) is an affiliate of El Paso Corp. (BB/Negative/--), the largest natural gas pipeline company in North America. The ratings on Houston-based El Paso and its subsidiaries, including SNG, are based on our consolidated credit methodology, resulting in the same corporate credit rating for the holding company and each of its subsidiaries. The April
