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Standard & Poor`s Corp. said it will lower ratings of securities of Natural Gas Pipeline Co. of America, a subsidiary of Lombard-based MidCon Corp. when Occidental Petroleum Corp. completes its tender offer for the majority of MidCon`s 41.5 million shares outstanding. The lowered ratings on commercial paper, senior debt and preferred stock will reflect the ”heavy reliance” on the firm`s funds to service Occidental`s acquisition-related debt, S&P said.
