Hours af­ter in­ter­na­tion­al rat­ing agency Moody’s In­vestors Ser­vice with­drew the Na­tion­al Gas Com­pa­ny’s (NGC) cred­it as­sess­ment rat­ings, the com­pa­ny said this was not due to fi­nan­cial trou­ble but be­cause it had re­aligned its ex­ter­nal cred­it rat­ing agency en­gage­ments af­ter dis­con­tin­u­ing its re­la­tion­ship with Moody’s on Feb­ru­ary 26, 2026.

NGC said, “This de­ci­sion fol­lowed a com­pre­hen­sive re­view of the com­pa­ny’s cred­it rat­ing frame­work, in­clud­ing the re­quire­ments un­der its ex­ist­ing debt covenants. While these covenants re­quire the main­te­nance of a min­i­mum of one in­ter­na­tion­al cred­it rat­ing, NGC has his­tor­i­cal­ly main­tained mul­ti­ple rat­ings, hav­ing been as­sessed since 2005 by Moody’s In­vestors Ser­vice, S&P Glob­al Rat­ings (S&P) and Cari­CRIS, and more re­cent­ly adopt­ing a two in­ter­na­tion­al agency ap­proach.”

NGC added, “This re­view eval­u­at­ed the con­tin­ued align­ment of that frame­work with NGC’s evolv­ing fi­nan­cial pro­file, op­er­at­ing per­for­mance and long-term strate­gic ob­jec­tives. The com­pa­ny does not con­sid­er the pre­vi­ous­ly as­signed sub-in­vest­ment grade rat­ing by Moody’s to be an ac­cu­rate re­flec­tion of its stand­alone cred­it pro­file.”