Fitch affirms Atmos

Fitch Ratings said it affirmed Atmos Energy Corp.'s long-term issuer default rating at BBB+, its senior debt at A- and its short-term issuer default rating and commercial paper at F2. The outlook is stable.

The agency said the ratings factors in the following strengths: a constructive regulatory environment that includes annual ratemaking mechanisms and weather normalization; a prudent management team that has focused on increasing and improving the predictability of its regulated distribution segment's operating income; and large and geographically diverse regulated operations.

In Fitch's view, these strengths are tempered by a greater degree of earnings volatility and commodity exposure at Atmos Energy Holdings, Inc.'s nonregulated operations.

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