Fitch: Northern Natural Gas view to stable

Fitch Ratings said it affirmed MidAmerican Energy Holdings Co.'s long-term issuer default rating at BBB+ and its short-term rating at F2.

MidAmerican Energy's individual security ratings were also affirmed.

Concurrently, the issuer default ratings and individual security ratings for MidAmerican Funding LLC, MidAmerican Energy Co., PacifiCorp and Kern River Funding Corp. were affirmed. The agency withdrew the MidAmerican Energy Co. preferred stock rating as there is no amount outstanding.

Fitch also affirmed Northern Natural Gas Co.'s long-term issuer default rating and individual security ratings, and revised the outlook to stable from negative.

Fitch said the outlook revision on Northern Natural Gas reflects its assumption that the $100 million maturity due in 2015 will be paid in full effectively reducing pro-forma leverage metrics. The agency forecasts debt-to-EBITDA at or near 2.5x for a sustainable period starting in 2015. Fitch also considers re-contracting will be supportive of a stable outlook.

© 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.