Fitch rates AGL Capital notes BBB+, positive watch

Fitch Ratings said it assigned a BBB+ rating on Rating Watch Positive to AGL Capital Corp.’s $250 million senior unsecured notes due November 2025.

AGL Capital's ratings are based on an unconditional guarantee by its parent AGL Resources Inc. (AGL), which carries a BBB+ long-term issuer default rating on Rating Watch Positive.

AGL ratings take into consideration the low-risk profile of its regulated and diversified gas utility operations in supportive jurisdictions, which represent roughly 70% of total operating earnings.

Fitch said the Rating Watch Positive recognizes that AGL's operating scale and financial flexibility will improve as a result of the announced merger with Southern Co. (A/Rating Watch Negative).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.