Summary: Nicor Inc. Sep 11
- ID: 1927534
- September 2011
- Standard & Poors
The ratings on Naperville, Ill.-based Nicor Inc. reflect the company's excellent business risk profile and modest financial risk profile. Standard & Poor's Ratings Services bases its ratings on the consolidated credit profile of natural gas utility subsidiary Nicor Gas Co. (AA/Stable/A-1+; about 60% of operating income;), containerized shipping unit Tropical Shipping and Construction Co. Ltd. (not rated; 18%), and smaller, unregulated operations (20%). On Dec. 7, 2010, Standard & Poor's placed its ratings on Nicor and Nicor Gas on CreditWatch with negative implications. This followed AGL Resources Inc.'s (AGL) announcement that it plans to acquire Nicor. AGL plans to fund its $2.4 billion acquisition ($3.1 billion in terms of enterprise value) of Nicor with roughly 40% debt and 60% equity....
Companies mentioned in this report are: Nicor Inc.
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