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 13, 2009 ratings affirmation on El Paso and its subsidiaries reflected the company's ability to enhance its liquidity position through $1.8 billion of recent debt financings and asset sales and an expectation of key credit metrics remaining adequate, but rather weak, for the rating. Cash flow predictability for 2009 is strong due to the stability of the pipeline unit, coupled with the
