Summary: NiSource Finance Corp. Dec 02

Standard & Poors, December 2002

Abstract
The ratings of NiSource Finance Corp. reflect those of energy holding company NiSource Inc. NiSource Finance was created to finance the acquisition of Columbia Energy Group (CEG), which closed on Nov. 1, 2000. NiSource guarantees NiSource Finance's borrowings. Through its subsidiaries, NiSource engages in regulated gas distribution, gas transmission, vertically integrated electric operations, and, to a much lesser extent, merchant operations. Following the sale of NiSource's natural gas exploration and production (E&P) business in late 2002 or early 2003, more than 98% of consolidated operating income will be derived from regulated operations. Although the operating subsidiaries' financial profiles are much stronger than that of NiSource, Standard & Poor's views the default risk as the same throughout the organization because there...

Companies mentioned in this report are: NiSource Finance Corp.
Action: Review

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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.

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