S&P affirms Gaz Metro

Standard & Poor's said it affirmed its ratings, including its A- long-term corporate credit rating, on Gaz Metro Inc. and subsidiary Gaz Metro LP.

The outlook is stable.

The agency said it also removed the ratings from Creditwatch, where they had been placed with negative implications June 24, following Gaz Metro's announcement of its offer to acquire Central Vermont Public Service Corp.

"The affirmation and removal from Creditwatch reflects its expectation that Gaz Metro will finance the acquisition as planned and sustain adjusted funds from operations-to-debt of about 20% after 2012," said credit analyst Nicole Martin.

The ratings reflect the agency's opinion of Gaz Metro's monopoly position of its core gas distribution business, regulatory support in the Province of Quebec (A+/stable/A-1+) and the consistency of earnings and credit metrics.

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