Moody's: NiSource unaffected

Moody's Investors Service said the ratings of NiSource Inc. and its subsidiaries - including its guaranteed primary financing vehicle, NiSource Finance Corp., which is rated Baa3 senior unsecured - and negative outlook are not impacted by its announcement that the Supreme Court of Appeals of West Virginia refused to hear the company's appeal of a $404 million verdict in a class action lawsuit relating to a royalty dispute against NiSource's former exploration and production subsidiary. The company plans to take its appeal to the U.S. Supreme Court, which will decide whether to hear it in early 2009.

The agency said no rating action is being taken at this time because the litigation was one of the many risks considered in changing NiSource's outlook to negative in December.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.