S&P: Southern Union unchanged

Standard & Poor's said that Southern Union Co.'s (BBB/Watch negative) sale of PG Energy is favorable for the company's credit quality, but does not affect the rating on the company.

The agency noted Southern Union's management said that proceeds of $580 million will be used to help fund the $1.6 billion acquisition of the Sid Richardson Energy Services Co., which is expected to close in early March.

The BBB corporate credit rating on Southern Union remains on CreditWatch with negative implications pending a review of management's full financial plan and business strategy, the agency said.

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