TEXT-S&P bulletin on Maritimes & Northeast Pipeline

(The following statement was released by the ratings agency)

July 2 - Standard & Poor's Ratings Services said today that the 'A-' rating and negative CreditWatch on Maritimes & Northeast Pipeline LLC is unaffected by the pipeline's notice of redemption for its $240 million 7.7% senior notes due Nov. 2019. The redemption date is scheduled for July 31, 2008, after which we will withdraw the ratings on the company. The redemption price required under the indenture is equal to the principal, accrued interest, and a make-whole premium with respect to the remaining scheduled payments. The redemption represents the first step to recapitalizing the pipeline. (New York Ratings Team)