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Moody's rates UNS Gas notes Baa3
Moody's Investors Service said it assigned a Baa3 rating to $100 million of senior unsecured notes of UNS Gas, Inc.
The outlook is stable.
The senior unsecured notes are guaranteed by UNS Gas' intermediate parent holding company, UniSource Energy Services, a subsidiary of UniSource Energy Corp. (Ba1 senior secured rating).
The Baa3 rating reflects the interdependence that currently exists between the company and its affiliate UNS Electric as a result of their shared credit facility and parental guarantee.
Moody's said ratings consider the lower risk nature of its regulated gas distribution business, which results in relatively stable and predictable cash flows.
The rating reflects UNS Gas' reasonable financial profile as demonstrated by profitability and financial strength metrics, which have exhibited improvement, the agency said.
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