S&P lowers Integrys

Standard & Poor's said it lowered the corporate credit rating on Integrys Energy Group Inc., Peoples Energy Corp., Peoples Gas Light & Coke Co. and North Shore Gas Co. to BBB+ from A-.

The senior secured debt ratings on Peoples Gas and North Shore Gas remain unchanged.

The outlook remains negative.

S&P said the downgrade reflects Integrys' weak financial measures, and changes to Integrys' business and financial risk profiles.

Integrys' excellent business profile reflects prospective view that the business risk will improve based on the company's recent announcement that it will steadily exit most of its unregulated businesses within the next 20 months, the agency said.

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