S&P: Piedmont Natural Gas unaffected

Standard & Poor's said the ratings and outlook on Piedmont Natural Gas Co. Inc. (A/stable) are not affected by the company's decision to buy back $25 million in stock through an accelerated share repurchase program.

The buyback is expected to be funded with operating cash flow and short-term debt. As of July 31, Piedmont's cash flow measures are strong for the current rating but show some volatility based on purchases of gas and distributions from non-regulated investments, the agency said.

Piedmont's financial measures are expected to remain appropriate for the current ratings, supported by its continued healthy economic growth and pursuit of additional regulatory cost recovery mechanisms, S&P said.

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