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Bulletin: NiSource Inc.'s $185 Million Asset Sale Will Not Affect Ratings Feb 08
Standard & Poors, Feb 2008
Abstract
NEW YORK (Standard & Poor's) Feb. 20, 2008--Standard & Poor's Ratings Services said today that NiSource Inc.'s (BBB-/Stable/--) announcement that it will sell its Northern Utilities Inc. and Granite State Gas Transmission Inc. business units for about $185 million does not affect the rating on the company or its subsidiaries NiSource Finance Corp., Northern Indiana Public Service Co., and Bay State Gas Co. While NiSource plans to use the proceeds to strengthen its balance sheet, we don't expect the level of debt reduction to be significant enough to change the company's ratings. NiSource expects the sale to close by the end of 2008, pending state and federal regulatory approvals. Northern Utilities is a local natural gas distribution utility serving 52,000...
Companies mentioned in this report are: NiSource Inc.,Bay State Gas Co.,Northern Indiana Public Service Co.,NiSource Finance Corp.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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