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S&P affirms MidAmerican Energy
Standard & Poor's said it affirmed the A- corporate credit rating on MidAmerican Energy Holding Co. and subsidiaries PacifiCorp and MidAmerican Energy Co. as well as the A rating on subsidiary Northern Natural Gas Co.
The outlook is stable.
Kern River Gas Transmission Co.'s A- rating remains on CreditWatch with negative implications.
The ratings are based on the credit quality of its AAA rated parent and the support provided by Berkshire Hathaway, according to S&P. Without the support, the issuer's business and financial risk would support a rating that is in the low BBB category, the agency said.
The ratings on the issuer's parent-level senior unsecured debt consider the ring-fenced structure of its subsidiaries and the company's ability to meet its parent-level financial obligations with dividend distributions from its portfolio of energy assets, S&P said.
The ratings also consider the company's strong business risk position and aggressive financial profile, the agency said.
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