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Fitch lowers AGL, AGL Capital
Fitch Ratings said it downgraded the long-term issuer default ratings of AGL Resources, Inc., AGL Capital Corp. and Atlanta Gas Light Co. to BBB+ from A-.
Simultaneously, the agency said it affirmed the long-term issuer default rating of Northern Illinois Gas Co. at A. The outlook for all entities is stable.
The agency said the rating downgrades at AGL and AGL Capital reflect Fitch's expectations that absent any substantial deleveraging, the low growth prospects in AGL's regulated segment and the challenging market environment in its unregulated segments dampen AGL's ability to recover its credit measures in the foreseeable future. The result is a weakened credit profile that is more consistent with a BBB+ rated entity.
Fitch said the BBB+ issuer default rating and sable outlook take into consideration the low-risk profile of AGL's diverse utility operations.
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