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S&P lowers WGL to negative
S&P said it affirmed the ratings on WGL Holdings Inc. and Washington Gas Light Co., including the A+ issuer credit ratings.
The agency also said it revised the outlook to negative from stable.
WGL Holdings has agreed to be acquired by AltaGas Ltd. for $6.4 billion, including assumption of WGL Holdings debt, S&P said.
The transaction is expected to close by mid-2018, the agency noted.
The outlook revision reflects the increased possibility of lower ratings on WGL Holdings and Washington Gas Light after the merger closes, S&P said.
In addition to assuming WGL's debt, AltaGas plans to fund the acquisition with C$2.5 billion common equity, C$800 million hybrid securities and C$2.7 billion of proceeds from assets sales and incremental debt.
The agency said it believes the acquisition could take more than a year to complete, which is when it may lower the ratings on WGL Holdings and Washington Gas Light, if the transaction is completed as proposed.
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