S&P affirms Washington Gas

Standard & Poor's said it affirmed the AA- corporate credit rating on WGL Holdings Inc. and its primary operating subsidiary Washington Gas Light Co., and revised the outlook to negative from stable.

The outlook revision reflects the opinion that growing nonregulated operations, most notably Washington Gas Energy Services Inc.'s (unrated) retail energy marketing business, could result in somewhat weaker consolidated credit profile, according to the agency.

"We also believe that the growing natural gas and electric marketing will introduce additional earnings and cash flow volatility and may require increased financial support that could further pressure our view of WGL's financial profile," S&P analyst Kenneth L. Farer said in a statement.

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