Moody's: NUI outlook up to developing

Moody's Investors Service changed its outlook on the debt ratings of NUI Utilities Inc. (B1, senior unsecured) and that of NUI Corp. (Caa1, senior unsecured) to developing from negative following the company's announcement that NUI and AGL Resources Inc. have entered into a purchase sale agreement for the sale of the stock of NUI Corp., the parent holding company of NUI Utilities, its principal subsidiary.

While the news of NUI's sale is a positive development for the company, Moody's said the uncertainties surrounding the timing and conditions that may be imposed on the sale by regulators as well as the material adverse effects that could lead AGL to abandon its purchase of NUI, requiring continued monitoring of the credit.

Moody's said the developing outlooks indicate that the ratings for NUI Corp. and NUI Utilities could go up or down, depending on how events unfold.

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