Moody's affirms Washington Gas

Moody's Investors Service said it affirmed Washington Gas Light Co.'s A2 senior unsecured and Prime-1 ratings and upgraded the short-term rating of WGL Holdings, Inc. to Prime-2 from Not-Prime.

The outlook is stable.

The agency said the upgrade of the short-term rating was driven by continued strong consolidated financial performance and a reassessment of the risk profile and liquidity requirements of the company's sizable non-regulated businesses.

The affirmation of Washington Gas' rating is supported by its historically strong balance sheet and financial metrics as well as its ability to recover operating expenses in a timely manner while earning a reasonable return on equity, Moody's said.

Washington Gas' financial metrics are expected to come under pressure beginning fiscal year 2011 due primarily to increased debt levels needed to fund growing capital expenditures, the agency added.

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