Moody's changes Atmos view to negative

Moody's Ratings said it changed the outlook of Atmos Energy Corp. to negative from stable and affirmed the ratings of Atmos, including its A1 senior unsecured rating

"The negative outlook on Atmos is prompted by weaker credit metrics that we now project may be sustained and not return to their historically robust levels for some time," said Edna Marinelarena, a Moody’s assistant vice president, in a press release.

Moody's said it had previously projected that the company's financial profile would rebound after it reported lower than historical metrics in 2022 and 2023.

The outlook on Atmos reflects a financial profile that is weaker than both historical levels and Moody’s prior expectations including a cash flow from operations before changes in working capital to debt ratio that could range between 20%-22% for the next few years compared to 25% in 2020, the agency said.

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