EPBO

AcronymDefinition
EPBOExpected Postretirement Benefit Obligation
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The estimated service cost related to postretirement benefits refers to the portion of the EPBO that is related to employee service for the period.
The APBO is equal to the EPBO for retirees and active employees fully eligible for benefits.
An exception is when the plan's benefit formula attributes a disproportionate share of the EPBO to an employee's early years of service, which occurs in so-called front-loaded plans.
Maturities are manageable with $88 million in expected maturities at EPBO in 2013.
Stable Consistent Earnings and Cash Flow: Over 90% of EPBO consolidated revenues are generated through non-volume sensitive capacity reservation charges under long term contracts, limiting earnings and cash flow volatility.
The APBO and EPBO are equal on or after the date of full eligibility.
The recommendation also considers that both CIG and SNG are now or will be fully owned by EPBO ('BBB-'; Stable Outlook).
EPBO Ratings Affirmed: Over the near term EPBO will be unaffected by KMI's acquisition of EP.
EP, as general partner, sponsor and the operating entity that controls EPB and EPBO, controls board of director and management actions including setting the levels of partnership distributions, amending the partnership agreement and generally dictating strategy and capital structure decisions.
Any rating action at EP, either positive or negative, would likely result in a similar rating action at EPBO.
EPBO has a $750 million revolving credit facility under which WIC and EPB are authorized borrowers.
The ratings recognize that the cash flows up to EPBO from its subsidiaries are subordinate to the operating needs and debt service obligations at SLNG, CIG, SNG and Elba Express.