The rating on Merrillville, Ind.-based NiSource Inc. reflects an excellent business risk profile and an aggressive financial risk profile. Standard & Poor's Ratings Services bases the rating on the consolidated business and financial risk profiles of its subsidiaries Northern Indiana Public Service Co. (NIPSCO; BBB-/Stable/--), Bay State Gas Co. (BBB-/Stable/--), and Columbia Energy Group (CEG; not rated). NiSource is involved in regulated natural gas distribution (nearly 40% of operating income), gas transmission and storage (roughly 35%), and vertically integrated electric operations (about 25%). As of June 30, 2011, NiSource had about $7.2 billion of total reported debt. A business strategy centered almost exclusively on regulated businesses, a diverse service area that encompasses seven states, and the low operating risks of...
Companies mentioned in this report are: NiSource Inc.
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