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Fitch rates Southwest Gas notes BBB
Fitch Ratings said it assigned a BBB rating to Southwest Gas' (issuer default rating BBB) $125 million of 4.45% senior notes due 2020.
The outlook is positive.
Proceeds will go toward repayment of the $200 million outstanding principal amount of Southwest Gas' 8.375% senior notes when they mature on Feb. 15, 2011. The balance of the proceeds will be used for general corporate purposes.
The company's ratings reflect the operating, regulatory and financial characteristics associated with its dynamic service territory, Fitch said.
Fitch said it expects debt-to-EBITDA ratio to average about 3.0x and customer growth to remain flat to slightly positive over the next several years as the economy slowly recovers.
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