COASTAL CORP <CGP> AND UNITS UPGRADED BY S/P
Standard and Poor's Corp said it
upgraded the ratings on four billion dlrs of debt of Coastal
Corp and its subsidiaries.
    S and P cited Coastal's success in reducing debt and
preferred stock by 390 mln dlrs last year, despite weak energy
prices. As debt is repaid, pretax interest coverage should rise
gradually from the current depressed 1.4 times level.
    Raised were Coastal's notes, debentures and Eurobonds to
BB-minus from B-plus and subordinated debt and preferred to
B-plus from B-minus. S and P upgraded the units Wycon Chemical
Corp and ANR Finance N.V./B.V.
    Wycon Chemical's industrial revenue bonds, guaranteed by
the parent, were raised to BB-minus from B-plus.
    S and P upgraded ANR Finance's Euronotes to BB-minus from
B-plus, ANR Pipeline Co's first mortgage bonds to BB-plus from
BB, debentures and Eurobonds to BB-minus from B-plus and
preferred to BB from B-plus.
    Also, Colorado Interstate Gas Co's first mortgage bonds
were raised to BB-plus from BB and debentures to BB-minus from
B-plus, while the unit's preferred was affirmed at BB.
    A manageable debt maturity schedule for the next few years
mitigates concern over Coastal's capital structure, S/P said.
 Reuter
