Moody’s revises PNG to positive

Moody's Investors Service said it changed the outlook of PNG Cos. LLC to positive from stable and affirmed its Baa2 long-term rating.

"PNG's cash flow from operations excluding changes in working capital (CFO pre-WC) to debt has steadily improved over the last three years to the high teens from the low teens," Moody's analyst Jairo Chung said in a news release.

"We expect PNG to maintain these higher credit metrics on a sustained basis, a key rationale for our positive outlook."

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