Fitch drops Laclede

Fitch Ratings said it has downgraded the issuer default ratings of the Laclede Group, Inc. and the Laclede Gas Co. to BBB+ from A-.

The outlook is stable.

According to the agency, the companies are moving forward on their previously announced acquisition of Missouri Gas Energy and New England Gas Co. from Southern Union Co. for about $1.035 billion.

Fitch noted that key rating drivers include the balanced 50/50 mix of debt and equity acquisition financing and the successful equity issuance totaling $445 million dollars.

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