S&P affirms Florida Gas

Standard & Poor's said it affirmed its BBB+ corporate credit rating on Florida Gas Transmission Co. LLC.

The outlook is stable.

The agency said that the rating on Florida Gas reflects an excellent business profile and intermediate financial risk profile, adding that Southern Union Co. (BBB-/negative) and El Paso Corp. (BB/positive) each own 50% of Florida Gas's parent Citrus Corp.

S&P said that the rating reflects Florida Gas's significant market share in a fast-growing Florida market, proximity to gas supplies, FERC regulation that is favorable for credit quality and long-term contracts with regulated electric utilities that generate stable revenues.

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