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AltaGas Ltd. 'BBB' Ratings Affirmed On SEMCO Holding Corp. Acquisition; Outlook Stable Feb 12
Standard & Poors, Feb 2012
Abstract
AltaGas Ltd. has announced it is acquiring SEMCO Holding Corp., the sole shareholder of SEMCO Holding Corp. from Continental Energy Systems LLC for about C$1.1 billion. We are affirming our ratings, including our 'BBB' long-term corporate credit rating, on AltaGas. In our view, SEMCO has an excellent business risk profile and a highly leveraged financial risk profile. We have revised AltaGas' business risk profile to strong from satisfactory and financial risk profile to significant from aggressive, assuming the transaction closes as expected. The stable outlook reflects our assessment of the company's business mix, which is increasingly diverse with a greater contribution from fee-based and regulated utility cash flows. TORONTO (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services today...
Companies mentioned in this report are: AltaGas Ltd.
Action: Affirmed
Action: Outlook: Stable
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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