S&P: Piedmont unchanged

Standard & Poor's said its rating and outlook on Piedmont Natural Gas Co. Inc. (A/stable) are not currently affected by Piedmont's entry into two short-term revolving credit facilities.

The facilities provide an additional $75 million of borrowing capacity, the agency said.

As of Oct. 31, Piedmont had $43.5 million available under its $450 million revolving credit facility due 2011, the agency noted.

During the previous fiscal year, Piedmont's minimum availability under the facility was $71.5 million, the agency added.

Approaching the winter heating season, the agency said it expects short-term borrowings to approach their peak as natural gas local distribution companies fund their winter requirements.

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