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Moody’s reviews Centuri for downgrade
Moody's Investors Service said it placed Centuri Group, Inc.'s Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 senior secured term loan and senior secured revolving credit facility ratings on review for downgrade. The outlook has been changed to ratings under review from stable.
"The review for downgrade follows the decision by Southwest Gas Holdings, Inc. to separate Centuri and establish two independent companies, which is a credit negative for Centuri given the uplift from its ownership by an investment-grade parent," said Domenick R. Fumai, a Moody's vice president and lead analyst for Centuri Group, Inc., in a press release.
The review will focus on the final corporate structure, which may include a potential sale, spin off to shareholders or some other form of separation, the capital structure after the transaction, Centuri's financial and operational strategy under the new structure and the effect of any potential separation costs, the agency said.
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