Birmingham, Ala.-based Southern Natural Gas Co. (SNG) is an affiliate of El Paso Corp. (BB/Watch Positive/--), 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 ratings on El Paso reflect a satisfactory business risk profile and an aggressive financial profile. In May 2011, the company announced that it will spin off its exploration and production (E&P) segment into a stand-alone publicly traded company. When that occurs, we will likely raise El Paso Corp.'s business risk assessment above satisfactory. Although El Paso Corp.'s pipeline assets generate
