S&P: NUI credit unaffected

Standard & Poor's said Tuesday that NUI Corp.'s (not rated) announcement that it is delaying the company's quarterly and annual SEC filings has no immediate affect on credit ratings of its subsidiary NUI Utilities Inc. (BB/Watch developing/--).

S&P said the delays are related to an ongoing investigation into trading transactions at NUI Energy Brokers (not rated), the firm's energy trading group. As a result, NUI's lenders have granted an extension on delivery of these documents until March 1.

S&P said it will monitor the progress in meeting this deadline or obtaining another extension. Importantly, these outstanding items have the potential to impede an expected first-quarter 2004 sale of the firm.

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