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S&P cuts AGL Resources, Nicor; rates debt BBB+
Standard & Poor's said it lowered the corporate credit ratings on AGL Resources Inc., Nicor Inc. and their wholly owned subsidiaries, Atlanta Gas Light Co. and Nicor Gas Co., to BBB+ following the merger of AGL and Nicor that closed on Dec. 9.
The agency also said it removed AGL's and Nicor's ratings from CreditWatch with negative implications, where they were placed in December 2010.
The outlook is stable.
The ratings of Nicor will be withdrawn.
The agency also said it rates all of the new company's unsecured debt at BBB+ and its two commercial-paper programs at A-2, along with Nicor Gas' first-mortgage bonds at A.
We also rate Nicor Gas's first mortgage bonds at 'A'.
The downgrade primarily stems from the company's increased financial leverage resulting from the merger, S&P said.
The ratings reflect the company's excellent business risk profile and a significant financial risk profile, the agency said.
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