June 11, 2009

Enogex credit rating affirmed; outlook upgraded to stable Announcement by Fitch rating service could help to reduce borrowing costs

Fitch Ratings Service in New York has affirmed the long-term issuer default rating and senior unsecured debt rating for Enogex LLC at BBB. Fitch, one of three major credit-rating agencies, also removed the Enogex ratings from Rating Watch Negative. Fitch now lists the Enogex rating outlook as stable.

“The announcement by Fitch is a positive development for Enogex as we consider looking to the credit markets later this year to refinance some of the company’s existing debt,” said Steve Merrill, Enogex Chief Financial Officer. “Affirmation of our BBB ratings and removal of the negative outlook should help us to save on interest costs over the long term.”

According to Fitch, “Enogex has responded appropriately to the current down cycle” by reducing expenses, which should allow the company to “generate positive earnings and cash flow.”

Fitch noted that Enogex has “recorded significant improvements in its operating performance in recent years,” adding that “Enogex's ratings also recognize its affiliation with OGE Energy and Fitch's belief that OGE Energy will continue to operate the business financially conservatively going forward.”