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AGL Resources, Nicor Inc. Ratings Lowered To 'BBB+', Off Watch After Merger Completion; Outlook Stable Dec 11
Standard & Poors, Dec 2011
Abstract
The merger of U.S. gas utilities AGL Resources and Nicor Inc. closed on Dec. 9, 2011. AGL's financial leverage has increased due to the merger. We are lowering the corporate credit ratings on AGL Resources, Nicor, and their wholly owned subsidiaries, Atlanta Gas Light and Nicor Gas Co., to 'BBB+'. We will subsequently withdraw our ratings on Nicor Inc. We are affirming the unsecured bonds at AGL Capital Corp. at 'BBB+'. The stable outlook reflects our expectation that stable regulated utility operations will constitute about three-quarters of consolidated cash flow and that near-term funds from operations to adjusted debt will be in the 19% area. NEW YORK (Standard & Poor's) Dec. 15, 2011--Standard & Poor's Ratings Services said today it...
Companies mentioned in this report are: AGL Resources Inc.,Atlanta Gas Light Co.,Pivotal Utility Holdings,Nicor Inc.,Nicor Gas Co.,AGL Capital Corp.
Action: Downgraded
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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