S&P: NUI unaffected

Standard & Poor's said that the announcement of a settlement between NUI Corp. and the New Jersey Attorney General's Office does not affect the credit quality of NUI Utilities Inc. (BB/watch developing/--).

S&P does view the settlement, however, as a helpful step in facilitating the sale of the company, which was announced in September 2003, since it resolves some issues that have impeded the process.

S&P considers the potential announcement of a winning bidder occurring during the third quarter of 2004 to be supportive of current ratings. Yet, the current cash and available credit position of NUI Corp. and its subsidiaries remains strained.

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