S&P: NUI ratings unaffected

Standard & Poor's said Thursday that NUI Corp.'s (not rated) announcement regarding the settlement of a number of focused-audit issues with the New Jersey Board of Public Utilities is favorable for the company's credit quality but does not have an immediate affect on the ratings on its subsidiary, NUI Utilities Inc. (BB/Watch developing/--).

The issues are related to the board's completed investigation into trading transactions at NUI Energy Brokers (not rated). The $30 million settlement will allow the company to finalize delayed SEC filings and move forward with the process of selling the company, which was announced in September 2003.

S&P said it considers the potential announcement of a winning bidder occurring during the second quarter of calendar 2004 to be supportive of current ratings.

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