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S&P: Southwest Gas on watch
Standard & Poor’s said it placed the A- corporate credit and senior unsecured debt ratings on Southwest Gas Corp. on CreditWatch with negative implications.
The CreditWatch placement reflects an expectation that Southwest Gas’ business risk profile will weaken following the acquisition of privately held Link-Line group, S&P said.
As a result of this acquisition, S&P said it expects Southwest Gas to increase its high-risk construction business to more than 20% of the consolidated company.
The agency also said it expects the debt-financed $185 million acquisition to marginally weaken the company’s core financial ratios. The acquisition is expected to close in October 2014.
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