(RTTNews) - Wednesday, gas and electric utility company NiSource Inc. (NI: News ) said Moody's Investors Service has affirmed investment grade credit rating of Baa3 to the company and raised its outlook to stable. The Merrillville, Indiana-based company also said it has implemented a plan to address its debt refinancing requirements through 2010.

Baa3 rating signifies moderate credit risk and is better than a junk grade. "-- we're pleased Moody's has recognized our progress by raising its outlook on the company to stable," said NiSource's president and chief executive officer Robert Skaggs Jr.

Moody's cited the successful resolution of a variety of rate proceedings by NiSource's gas utilities and the management of the company's liquidity position as major influencing factors for raising NiSource's outlook to stable, the company noted.
"Over the past year, our balanced business and liquidity strategies have helped us weather the financial crisis and the severe economic downturn, greatly strengthen our liquidity position, and also advance our aggressive agenda of infrastructure improvements, regulatory initiatives and pipeline and storage growth opportunities. These efforts have allowed us to successfully implement a plan that fully addresses NiSource's debt refinancing requirements through 2010," Skaggs said.

NI is gaining $0.23 or 1.63%, and is trading at $14.31 on the New York Stock Exchange.

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by RTT Staff Writer

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