None of this is new information. Most of the analysts have been predicting this for almost a year.
Between the Marc I, North-South II and other projects, they are likely to muddle through '12 with a .8x coverage ratio. I believe '13 is projected closer to 1.0x from what Merrill Lynch report showed.
At worst, you are looking at a 20% distribution cut and I think it is unlikely once they spin the midstream. They look to net $200 million which should cover a lot of the expansion projects, which incidently might be financed at the midstream level.