S&P lifts NUI from junk, AGL off watch

Standard & Poor's said it removed AGL Resources Inc. and its subsidiaries from CreditWatch negative and affirmed the A- corporate credit rating on the company.

At the same time, S&P raised its corporate credit rating on NUI Utilities Inc. to A- from BB and removed the company from CreditWatch developing as a result of the completed acquisition of NUI by AGL. The outlook for AGL and its subsidiaries is negative.

S&P said AGL's creditworthiness benefits from a consistently supportive regulatory environment across the AGL family of companies, the low operating risk associated with gas distribution activities and the company's proven track record of improving operating efficiencies and reducing costs.

These strengths are partially tempered by weakening financial metrics resulting from the NUI acquisition, S&P said.

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