S&P lowers Piedmont Natural Gas

S&P said it lowered the issuer credit rating on Piedmont Natural Gas Co. Inc. to A- from A and short-term rating to A-2 from A-1.

The agency also said it removed the ratings from CreditWatch, where they were placed with negative implications Oct. 27.

The outlook is negative.

S&P also said it lowered the rating on the senior unsecured debt to A- from A and lowered the commercial-paper rating to A-2 from A-1 and removed the ratings from CreditWatch.

The ratings reflect the company’s full ownership by Duke Energy Corp. as the ratings are aligned, S&P said.

The ratings also consider the company’s low operating risk in gas distribution with a generally constructive regulation environment, the agency said.

The ratings also take into account the large customer base and attractive service territories that continue to demonstrate robust customer and load growth, S&P said.

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