Moody’s revises PNG to stable

Moody's Investors Service said it affirmed PNG Cos. LLC's Baa2 senior secured rating and changed the outlook to stable from positive.

"Despite our previous expectations that PNG would be able sustain CFO pre-W/C to debt in the high teens, increased debt levels and the cash flow impact of tax reform will keep this ratio in the 15%-17% range, even lower when incorporating parent company debt," Moody’s analyst Nana Hamilton said in a news release.

"These ratios are more in line with its current Baa2 rating."

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