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Fitch rates NiSource notes BBB-
Fitch Ratings said it assigned a BBB- rating to NiSource Finance Corp.'s $600 million 10.75% notes due 2016.
The outlook is stable.
Proceeds will be used to repay outstanding short-term debt and for general corporate purposes, which could include the repayment of NI Finance notes prior to maturity.
The rating considers expectation that the company will experience challenging operating and financial conditions and a potential weakening in credit metrics in 2009, the agency said.
Favorable rating considerations include the low business risk and stable operating performance generated by the company's geographically diverse mix of regulated operations and the positive effect of increased natural gas utility rates in Ohio and Pennsylvania, Fitch said.
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