Fitch affirms National Fuel

Fitch Ratings said it affirmed the long-term issuer default rating and senior unsecured rating of National Fuel Gas Co.

Fitch rates National Fuel's long-term IDR at BBB+, senior unsecured debt at BBB+, short-term IDR at F2 and commercial paper at F2.

The outlook remains stable.

Key rating factors include stable earnings from regulated natural gas distribution utilities, relatively predictable cash flows from FERC regulated interstate pipeline and storage segments, an integrated business model, strong financial performance supported by modest use of leverage and a prudent growth strategy, Fitch said.

The ratings also consider concerns including an increasing emphasis on oil and gas exploration and production, exposure to commodity price volatility and an expanding capital expenditure budget, the agency added.

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