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Bay State Gas Co. Jan 09
Standard & Poors, Jan 2009
Abstract
Conservative business strategy that focuses almost exclusively on regulated businesses; Significant scale as one of the largest integrated pipeline and gas storage companies in the U.S.; A nine-state scope of operations that mitigates weather and regulatory risk; Relatively constructive regulation; and A competitive gas distribution and pipeline cost structure. A weak overall financial profile; Liberal debt leverage for the rating level; A constrained liquidity position; Declining customer usage and increased attrition in the gas distribution segment; Subsidiary Northern Indiana Public Service Co.'s high cost structure and heavy dependence on the industrial sector, and A recently increased tolerance for a more aggressive financial position. Standard & Poor's Ratings Services derives Bay State Gas Co.'s corporate credit rating from parent NiSource Inc.'s...
Companies mentioned in this report are: Bay State Gas Co.,Northern Indiana Public Service Co.,NiSource Inc.,NiSource Capital Markets Inc.,NiSource Finance Corp.
Action: Review
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.
Research Type: Full Analysis
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