Fitch rates SourceGas BB+

Fitch Ratings said it assigned a BB+ issuer default rating to SourceGas LLC and a BBB- rating to its senior unsecured debt obligations.

The outlook is stable.

Ratings reflect the low risk business profile of the company's regulated gas distribution utility operations, the agency said.

SourceGas is highly levered relative to other mid-sized gas utility companies as is its parent SourceGas Holdings, according to the agency, but its financial metrics are within the range for the rating category with a debt-to-EBITDA ratio expected to be less than 5 times for 2011.

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