Moody’s cuts Washington Gas Light to negative

Moody's Investors Service said it affirmed WGL Holdings, Inc. A3 and Washington Gas Light Co.’s A1 senior unsecured ratings and changed the outlooks to negative from stable.

"The negative rating outlook on WGL and Washington Gas is prompted by last week's announcement that the company has agreed to be acquired by AltaGas Ltd. (unrated), a North American diversified energy infrastructure company based out of Calgary, for approximately $6.4 billion, including the assumption of approximately $1.8 billion of debt," Moody’s vice president, senior analyst Jeffrey Cassella said in a news release.

"For now, we are assuming incremental debt will be raised across the AltaGas corporate family, which will pressure WGL and Washington Gas' financial profile."

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