DBRS Comments on Kinder Morgan, Inc.’s Holdco IPO

DBRS has noted today that Kinder Morgan, Inc.’s (KMI’s) parent, Kinder Morgan Holdco LLC (Holdco), has filed an initial public offering of its common shares, and this will have no impact on KMI’s current rating of BBB (low) with a Stable trend. KMI’s credit metrics and debt profile will remain unaffected as it will not receive any proceeds from the proposed offering. All of the related common shares will be sold by existing investors, including funds advised by or affiliated with Goldman Sachs & Co., The Carlyle Group, Riverside Holdings LLC and Highstar Capital LP.

Holdco will be converted to a corporation from a limited liability company and the converted company will be renamed Kinder Morgan Inc., whereas KMI will be renamed Kinder Morgan Kansas Inc.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating North American Energy Utilities (Electric, Natural Gas, and Pipelines), which can be found on our website under Methodologies