DBRS confirms AltaGas

DBRS said it confirmed the rating on the medium-term notes and preferred shares - cumulative of AltaGas Ltd. at BBB and Pfd-3, respectively.

The trend is stable.

The confirmation reflects continuing progress on the company's goal to grow and diversify earnings and cash flow while reducing its relative business risk, proactive mitigation of cost overrun risks on its major growth projects and a prudent financing plan for the 2011 to 2014 growth phase supported by a strong liquidity position, according to the agency.

DBRS said it expects some deterioration in the company's key credit metrics during the above-noted construction period, with recovery toward the end of the period as expected cash shortfalls are to be primarily funded by debt.

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