U.S. Corp. Bond : Negative on Kinder Morgan Inc. (KMI)

C/S downgraded their investment view of Kinder Morgan Inc. from positive to negative early this week. They seemed to disappoint KMI's business management.

They downgraded because of;

1) CO2 business - less profitable industries and burden of capex as a long history issue...
2) Unreasonable dividend growth promises - considering capex and expected EBITA
3) Management's handling of the recent preferred offering - paying expensive...

C/S recommends EEP or ETP rather than KMI on a valuation side.

Equity price of KMI tumbled almost 50% from its highest level...

while corporate bond spread has widened somewhat faster...

Should I sell the KMI bond?
Cash flow in KMI seems somewhat firm... Above threats does not appear to be critical event for KMI's capability for payment...