Fitch Affirms Ratings on Kinder Morgan (KMI) Amid Dividend Cut
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Kinder Morgan (KMI) Ratings Affirms by S&P Following Diced Dividend
December 9, 2015 3:13 PM ESTStandard & Poor's Ratings Services affirmed its 'BBB-' corporate credit rating and 'A-3' short-term credit rating on Kinder Morgan Inc. (NYSE: KMI). The outlook is stable. As of Sept. 30, 2015, KMI had reported balance-sheet debt of $42.8 billion.
"The rating action reflects our view that KMI's dividend adjustment is credit positive and a prudent and necessary action taken by management in light of very challenging capital market conditions," said Standard & Poor's credit analyst Michael Grande. The move eliminates nearly all of the company's funding risk headed into 2016 and positions KMI more favorably from a... More
Moody's Lifts Outlook on Kinder Morgan (KMI) to Stable Following Chopped Dividend
December 9, 2015 11:50 AM ESTMoody's Investors Service (Moody's) changed Kinder Morgan Inc.'s (NYSE: KMI) outlook to stable from negative and affirmed its Baa3 senior unsecured and Prime-3 commercial paper ratings. A complete list of Moody's rating actions is below.
On December 8, KMI announced that would reduce its annual dividend to $1.1 billion from about $4.4 billion and reduce its targeted ratio of net debt to EBITDA to 5.5x from 5.6x.
"The change in outlook to stable reflects the very significant change Kinder Morgan has made to its dividend policy, slashing its 2016 dividend by 75% and thereby eliminating its... More
Kinder Morgan (KMI) Dividend Cut Creates Opportunity to Buy High-Quality Names - Jefferies
December 9, 2015 10:21 AM ESTJefferies analyst, Christopher Sighinolfi, commented on Kinder Morgan (NYSE: KMI) revised capital plan before this morning's call. Yesterday, KMI cut its dividend 75% to 12.5¢/sh at the time it announced its capital outlook.
The overall 2016 capital plan:
1) 75% cut in its quarterly dividend to 12.5¢/sh, from 51¢/sh
2) net debt/ EBITDA ratio of ~5.5x for 2016
3) DCF of slightly over... More
Kinder Morgan's (KMI) Price Target Trimmed at Deutsche Bank, Buy Rating Maintained
December 9, 2015 9:52 AM ESTDeutsche Bank maintained a Buy rating on Kinder Morgan (NYSE: KMI) and lowered its price target to $19.00 (from $28.00). The change follows news Kinder Morgan plans to cut its dividend by 75%.
Commenting on developments, analyst Kristina Kazarian said, "This cut gives KMI coverage of 4.6x, allowing it to divert $3.9b/yr of cash flow from... More
Kinder Morgan (KMI) Expects to Pay $0.50 Annual Dividend in 2016, Down From Over $2.00
December 8, 2015 4:31 PM ESTKinder Morgan, Inc. (NYSE: KMI) announced that its Board of Directors has approved a plan pursuant to which it expects to pay quarterly dividends of $.125 per share to its common stockholders ($.50 annually), down from its current quarterly level of $.51, beginning with the fourth quarter 2015 dividend payable in February 2016. This dividend enables the company to use a significant portion of its large cash flow to fund the equity portion of its expansion capital requirements, eliminate any need to access the equity market for the foreseeable future and maintain a solid investment grade credit rating. KMI anticipates... More
