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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.”
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