S&P raises Atmos

Standard & Poor's said it raised its corporate credit rating on Atmos Energy Corp. to BBB+ from BBB.

The outlook is stable.

S&P said that the upgrade reflects improved financial performance and favorable treatment in recent rate cases regarding weather-related risks over the past several years, which helps to increase cash flow predictability.

The upgrade also reflects management's track record of successfully integrating the TXU Gas Co. acquisition and executing its overall business strategy, the agency noted.

"We expect financial performance to remain appropriate for the rating, with FFO to debt of at least 20%, supported by additional rate case filings and cost-recovery mechanisms," said S&P credit analyst Kenneth L. Farer.

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