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Another Longhorn Pipeline partner receives negative rating
Another Longhorn Pipeline partner receives negative rating
by Stefan Wray
Iconmedia
July 25, 2002
JP Morgan Chase, parent company of Beacon Group Energy Investment Fund, a 31.5% owner in Longhorn Pipeline, has had its long-term rating downgraded by Moody's Investors Service from "stable" to "negative."
The report states that the negative rating for JP Morgan Chase & Co., includes all its subsidiaries - which means it includes JP Morgan Partners, Beacon Group Energy Funds, and the Beacon Group Energy Investment Fund.
The news follows a week of bad news for Williams, the other chief partner in Longhorn Partners Pipeline which had its debt reduced to "junk" status.
Williams and Beacon Group Energy Investment Fund (JP Morgan) together own 63 percent of Longhorn Partners Pipeline. With Williams facing near fatal losses and Beacon Energy Fund (JB Morgan) hurting, it raises serious questions about Longhorn Partners Pipeline's future viability.
Longhorn representatives have already told a homeowner adjacent to the pipeline in Hays County that they will have to stop work. And an attorney working on the private lawsuit against Longhorn has said Longhorn has pushed the start date for the pipe from August to October.
by Stefan Wray
Iconmedia
July 25, 2002
JP Morgan Chase, parent company of Beacon Group Energy Investment Fund, a 31.5% owner in Longhorn Pipeline, has had its long-term rating downgraded by Moody's Investors Service from "stable" to "negative."
The report states that the negative rating for JP Morgan Chase & Co., includes all its subsidiaries - which means it includes JP Morgan Partners, Beacon Group Energy Funds, and the Beacon Group Energy Investment Fund.
The news follows a week of bad news for Williams, the other chief partner in Longhorn Partners Pipeline which had its debt reduced to "junk" status.
Williams and Beacon Group Energy Investment Fund (JP Morgan) together own 63 percent of Longhorn Partners Pipeline. With Williams facing near fatal losses and Beacon Energy Fund (JB Morgan) hurting, it raises serious questions about Longhorn Partners Pipeline's future viability.
Longhorn representatives have already told a homeowner adjacent to the pipeline in Hays County that they will have to stop work. And an attorney working on the private lawsuit against Longhorn has said Longhorn has pushed the start date for the pipe from August to October.
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