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Summary: NiSource Finance Corp. Mar 09
Standard & Poors, March 2009
Standard & Poor's Ratings Services derives NiSource Finance Corp.'s corporate credit rating from parent NiSource Inc.'s consolidated credit profile. The ratings on NiSource are based on the consolidated financial and business risk profiles of its various subsidiaries, which include Columbia Energy Group (CEG; not rated), Northern Indiana Public Service Co. (NIPSCO; BBB-/Stable/--), and Bay State Gas Co. (BBB-/Stable/--). Merrillville, Ind.-based NiSource is involved in regulated natural gas distribution (about 35% of consolidated cash flow), gas transmission and storage (roughly 32%), and vertically integrated electric operations (about 33%). As of Dec. 31, 2008, NiSource's adjusted debt, including operating leases and tax-affected pensions and postretirement obligations, totaled about $8.5 billion. The stand-alone financial profiles of NiSource's utility subsidiaries are much stronger than...
Companies mentioned in this report are: NiSource Finance Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
NiSource Finance Corp.