Standard&Poor's Ratings Services' ratings on natural gas pipeline company Southern Natural Gas Co. are tied to those of parent El Paso Corp., which were lowered in February to 'B-' to reflect a larger-than-expected write-down of the company's oil and natural gas reserves. The large revision to El Paso's proved reserves, amounting to more than 40% of the company's reserve base, and the resulting ceiling-test write-down of about $1 billion, was greater than what Standard&Poor's had factored into the ratings. While there was no immediate cash flow effect related to this action, it does suggest that future production and likely cash flow will be weakened in 2005 and beyond. Under El Paso's reorganization plan, El Paso will
