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5 years ago
TEXT-S&P rates Piedmont Natural Gas CP program 'A-1'
March 1, 2012 / 6:36 PM / 5 years ago

TEXT-S&P rates Piedmont Natural Gas CP program 'A-1'

 March 1 () -     -- Charlotte, N.C.-based Piedmont Natural Gas Co.
Inc. is launching a 	
$650 million commercial paper program.	
  -- We are assigning our 'A-1' short-term rating to the program and our 	
'A-1' short-term corporate credit rating.	
  -- According to Standard & Poor's rating criteria, our 'A' corporate 	
credit rating on Piedmont maps to a commercial paper rating of 'A-1'.	
 	
  March 1 - Standard & Poor's Ratings Services today assigned its 'A-1'
short-term rating to Piedmont Natural Gas Co. Inc.'s $650 million
commercial paper program. At the same time, we are assigning an 'A-1' short-term
corporate credit rating. According to Standard & Poor's corporate criteria, our
'A' corporate credit rating on Piedmont maps to a ommercial paper rating of
'A-1'. The company expects to use the short-term program for general corporate
purposes. The program will be 100% backstopped by Piedmont's $650 million
revolving credit facility expiring January 2014.	
	
The rating on Piedmont reflects an "excellent" business risk profile and an 	
"intermediate" financial risk profile (as our criteria define the terms). 	
Piedmont's regulated businesses contributed about 85% of fiscal 2011 	
consolidated cash flows. We consider Piedmont's liquidity as "adequate" under 	
our corporate liquidity methodology. As of Oct. 31, 2011, Piedmont had about 	
$1 billion of total reported debt.	
	
RATING LIST	
	
Short-Term Corporate Credit Rating Assigned	
                                    To                 From	
Piedmont Natural Gas Co. Inc.	
 Corporate Credit Rating               A/Stable/A-1       A/Stable/--	
 Senior Unsecured                      A                  A	
	
Commercial Paper Rating Assigned	
	
Piedmont Natural Gas Co. Inc.	
 Commercial Paper                     A-1	
	
RELATED CRITERIA AND RESEARCH	
  -- Top 10 Investor Questions About U.S. Gas And Water Utilities In 2012, 	
Feb. 9, 2012	
  -- U.S. Regulated Natural Gas Utilities, Strongest To Weakest, Jan. 11, 	
2012	
	
Complete ratings information is available to subscribers of RatingsDirect on 	
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 	
by this rating action can be found on Standard & Poor's public Web site at 	
www.standardandpoors.com. Use the Ratings search box located in the left 	
column.	
	
 (New York Ratings Team)	
 

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