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S&P rates AGL notes BBB+
Standard & Poor's said it assigned a BBB+ rating to the pending $500 million notes issuance of AGL Capital Corp., a wholly owned subsidiary of utility holding company AGL Resources Inc.
The issuance consists of $400 million of new 10-year notes and a $100 million tack-on to the company's existing 5.875% notes due 2041.
AGL Resources guarantees the notes.
The agency also said it placed the notes on CreditWatch with negative implications.
The proceeds will be used to fund the pending acquisition of Nicor Inc. and to repay short-term debt.
The CreditWatch negative is due to the pending acquisition. Any downgrade would likely be limited to one notch, S&P said.
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