Fitch rates South Jersey Industries BBB

Fitch Ratings said it assigned first-time long-term issuer default ratings of BBB to South Jersey Industries, Inc. (SJI), A- to South Jersey Gas Co. (SJG), and BBB+ to Elizabethtown Gas Co. (ETG). The outlook on all three is stable.

The agency also assigned BBB to SJI's senior unsecured debt and BB+ to its junior subordinated debt. Fitch additionally assigned A+ to SJG's senior secured debt and A to ETG's senior secured debt.

“The ratings assignment and outlook are supported by the constructive regulatory framework for gas utilities in New Jersey, healthy customer growth and improving credit metrics. SJI's rating also considers the operating risks of its non-utility businesses which are expected to present approximately 20% of the total EBITDA by 2025-2026,” Fitch said in a press release.

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