Moody's affirms AGL, cuts Northern Illinois Gas

Moody's Investors Service said it affirmed the ratings of AGL Resources Inc. and those of its legacy subsidiaries: AGL Capital Corp., Atlanta Gas Light Co. and Pivotal Utility Holdings, Inc.

Moody's also withdrew the short-term rating of Nicor Inc. and downgraded the long-term and short-term ratings of its subsidiary, Northern Illinois Gas Co., including the issuer rating to A3 from A2 and the short-term rating to Prime-2 from Prime-1.

The outlook is stable for all these entities.

Moody's said these actions follow the closing last week of the merger between AGL and Nicor Inc. in which AGL acquired Nicor Inc., including more than $800 million of its consolidated debt, and dissolved it as a legal entity.

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