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Fitch affirms NiSource
Fitch Ratings said it affirmed NiSource Inc.'s issuer default rating at BBB-, NiSource Capital Markets, Inc.'s issuer default rating and senior debt at BBB-, Ni Source Finance Corp.'s issuer default rating and senior debt at BBB- and short-term issuer default rating at F3, and Northern Indiana Public Service Co.'s issuer default rating at BBB- and senior debt at BBB.
Ratings reflect the low business risk and consistent operating performance generated by its geographically diverse mix of regulated operations, the agency said.
Concerns include the moderating effect of a slow economic recovery on electric and gas demand, the impact of increased competition and the challenges of managing the company's substantial future pension benefits, according to the agency.
For the 12 months ended Sept. 30, debt to operating EBITDA was 4.9x.
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