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Fitch rates AGL Capital notes A-
Fitch Ratings said it assigned an A- rating to AGL Capital Corp.'s $300 million 5¼% senior notes due 2019. AGL Capital's debt is guaranteed by AGL Resources Inc.
The outlook is stable.
Proceeds will be used to repay a portion of outstanding short-term debt.
AGL Capital's rating reflect the low business risk of AGL's core regulated gas distribution business and management's favorable track record of operating and investing in a growing portfolio of non-regulated businesses, the agency said.
Overall customer growth for 2009 is expected to be flat or slightly negative due to a weak residential housing market and recessionary general economy, the agency noted.
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