Fitch rates Southwest Gas BBB+

Fitch Ratings said it assigned a first-time rating of BBB+ to Southwest Gas Holdings, Inc.'s long-term issuer default rating.

Fitch also said it affirmed the A- long-term issuer default rating and F2 short-term issuer default rating on Southwest Gas Corp., which is the holding company’s natural gas distribution utility.

The outlook is stable.

The agency also affirmed Southwest Gas’s senior unsecured debt at A, industrial development revenue bonds at A and commercial-paper rating at F2.

The ratings reflect the company’s solid business risk profile, relatively constructive regulatory environment and strong consolidated financial metrics, Fitch said.

The ratings also consider the riskier non-regulated operations at Southwest Gas Holdings’ construction services subsidiary, Centuri Construction Group Inc., the agency said.

The ratings also benefit from a relatively constructive regulatory environment, Fitch added.

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