S&P shifts South Jersey view to stable

S&P said it revised the outlooks for South Jersey Industries Inc., and its subsidiaries South Jersey Gas Co., Elizabethtown Gas Co. and intermediate holding company SJI Utilities to stable from negative and affirmed the BBB long-term issuer credit ratings on each entity.

South Jersey Industries recently priced, including the exercise of over-allotment options in full, about $265 million in common stock that includes an equity-forward component and up to $345 million in mandatory convertible equity units. It plans to use the proceeds to repay debt and fund capital spending.

“The stable outlook reflects our expectation of improving financial measures and a stronger balance sheet compared to historical levels after incorporating the proceeds from the common equity and mandatory convertible issuances,” S&P said in a press release.

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