AFFIRMED BBB- CORPORATE CREDIT RATINGS AND REVISED OUTLOOK TO STABLE
HOUSTON, March 11, 2009 – Southern Union Company (NYSE: SUG) today announced that Standard & Poor’s Rating Services affirmed the company’s BBB- investment grade corporate credit rating and revised its outlook to stable from negative on March 6, 2009. The S&P action was taken the day after the company’s announcement of a settlement of a potential proxy contest with Sandell Asset Management Corp. The affirmation and revised outlook also applied to the company’s subsidiary, Panhandle Eastern Pipe Line Company, LP.
Eric D. Herschmann, president and chief operating officer, commented, “We are delighted with the action taken last week by S&P. We continue to be committed to maintaining the company’s investment grade credit rating.”
About Southern Union Company
Southern Union Company, headquartered in Houston, is one of the nation’s leading diversified natural gas companies, engaged primarily in the transportation, storage, gathering, processing and distribution of natural gas. The company owns and operates one of the nation’s largest natural gas pipeline systems with approximately 20,000 miles of gathering and transportation pipelines and North America’s largest liquefied natural gas import terminal, along with serving more than half a million natural gas end-user customers in Missouri and Massachusetts. For further information, visit www.sug.com.
Forward-Looking Information
This news release includes forward-looking statements. Although Southern Union believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Southern Union’s Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the Company, whether as a result of new information, future events, or otherwise.
For further information:
John P. Barnett, Director of External Affairs
713-989-7556
John F. Walsh, Vice President of Investor Relations
212-659-3208
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