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S&P lowers WGL, Washington Gas Light
S&P said it lowered WGL Holdings Inc.’s and subsidiary Washington Gas Light Co.’s long-term issuer credit ratings to A from A+.
The outlook on both entities is negative.
The downgrades reflect a weaker WGL Holdings financial risk profile because of higher capital spending and greater use of debt to fund this spending compared with previous expectations, S&P said.
The agency also said it expects consolidated financial measures to weaken, including FFO-to-debt declining to 19% over next two years.
The negative outlook continues to reflect a downgrade possibility as a result of AltaGas Ltd.'s planned acquisition of both entities, S&P said.
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