S&P: National Fuel Gas unchanged

Standard & Poor's said that National Fuel Gas Co.'s (BBB+/stable/A-2) announcement that it has settled its proxy contest with New Mountain Vantage GP LLC (not rated) will not affect the company rating or outlook at this time.

As part of the settlement, the agency said that National Fuel Gas has agreed to increase the size of its board of directors from 10 to 11 and to nominate Vantage's candidate to National Fuel Gas's board to serve through 2011.

The agency added that National Fuel Gas will continue to develop its Appalachian assets, an area where we expect most of the company's reserve growth will develop, noting that these developments reflect its view that National Fuel Gas's exploration and production business segment will continue to represent a significant, expanding portion of the company's operations and remain a key driver for the company's future cash flows.

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