S&P: KeySpan ratings unaffected by asset sale

Standard & Poor's said Friday that its ratings on KeySpan Corp. (A/negative/A-1) and its subsidiaries will not be affected by the company's announcement that it is selling its 24.5% interest in Belfast, Northern Ireland-based Phoenix Natural Gas for about $95 million.

However, S&P said it recognizes this action as the latest in a series of non-core sales favorable for KeySpan's credit quality.

Such actions have allowed the company to strengthen its balance sheet throughout 2003. However, the ratings outlook remains negative, because cash flow continues to be weak relative to KeySpan's debt levels and business risk.

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