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Fitch affirms Laclede
Fitch Ratings said it affirmed Laclede Group, Inc.'s issuer default rating at A- and Laclede Gas Co.'s issuer default rating at A-, first mortgage bonds at A+, short-term issuer default rating at F1 and commercial paper at F1.
The outlook is stable.
The agency said Laclede's ratings and outlook reflect the low business risk and solid financial profile of its core regulated gas distribution business and that Laclede Gas' ratings are based upon the utility's stable customer base, diverse gas supply, substantial storage capacity, modest capital spending and external funding requirements and resultant positive free cash flow.
Rating concerns at Laclede Gas relate to the risks of an adverse decision in the pending base rate case, gas cost disallowances under prudence review and growth of bad debt expenses to levels that exceed amounts embedded in base rates at Laclede, Fitch said.
The debt-to-EBITDA ratio at Laclede Gas was 4.7 times as of Sept. 30.
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