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S&P shifts Southwest Gas view to negative
S&P said it revised the outlooks for Southwest Gas Holdings Inc. (SWX) and Southwest Gas Corp. (SWG) to negative from stable and affirmed their ratings, including the BBB rating on SWG’s senior unsecured debt.
SWX agreed to buy Questar Pipeline LLC for $1.6 billion with an estimated $900 million to $1 billion of equity and $600 million to $700 million of incremental debt.
“The negative outlook reflects the execution risk surrounding SWX's plan for a large equity issuance and the potential for weaker financial measures if its ultimate financing features a higher-than-proposed level of debt,” S&P said in a press release.
The agency said it plans to update its ratings and outlook on the companies in the next six to nine months.
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