Moody's affirms NiSource

Moody's Investors Service said it affirmed NiSource Inc.'s subsidiaries, including its guaranteed primary financing vehicle NiSource Finance Corp., rated Baa3 senior unsecured.

The agency said ratings and negative outlook are not affected by the company's updated long-range financial plan.

The company's weaker earnings outlook could be mitigated by a reduction in capital expenditures to reduce incremental debt, subject to the company successfully implementing its cost control and cash management initiatives, Moody's said.

"The plan metrics appear sufficient to maintain the company's ratings for now," Moody's vice president Mihoko Manabe said in a statement.

"However, they are low in the range that Moody's would expect for its current ratings and business risk profile and are vulnerable to shortfalls from the plan."

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