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Fitch rates Northern Natural Gas bonds A
Fitch Ratings said it assigned an A rating to Northern Natural Gas Co.'s $250 million issuance of 4.10% bonds.
The 30-year senior unsecured bonds rank pari passu to the company's other unsecured debt and will mature Sept. 15, 2042.
The outlook is stable.
The proceeds will be used to partially repay upon maturity the company's $300 million 5.375% senior unsecured notes due Oct. 31, 2012.
The ratings reflect the company's solid competitive position with stable operations, robust financial metrics, strong cash flows and low capital expenditure requirements, Fitch said.
The ratings also consider the affiliation with Berkshire Hathaway and ring-fence provisions, the agency said.
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