(Source: Business Wire)
South Jersey Gas announced today that Moody's Investors Service has upgraded its senior secured rating to "A2" from "A3" and assigned an issuer rating of "Baa1" which applies to its senior unsecured obligations as part of an industry-wide action. SJG, a subsidiary of South Jersey Industries (NYSE:SJI), is a regulated utility providing natural gas service to over 341,000 residential, commercial and industrial customers in the seven southernmost counties of New Jersey. Moody's had raised SJG's senior secured rating from "Baa1" to "A3" with a positive outlook at the beginning of February 2009.
Edward Graham, SJI Chairman and CEO commented, "For the second time this year, we are extremely pleased that Moody's has recognized the strength of SJG's financial performance and condition with a ratings upgrade. Moody's action recognizes the importance of maintaining a strong balance sheet while minimizing risk. Our goal is to continue to provide safe, reliable service to our ratepayers while creating jobs and maintaining financial stability."
South Jersey Industries (NYSE:SJI) is an energy services holding company. A member of the KLD Global Climate 100 Index, SJI offers solutions to global warming through renewable energy, clean technology and efficiency. South Jersey Gas, one of the fastest growing natural gas utilities in the nation, strongly advocates energy efficiency while safely and reliably delivering natural gas in southern New Jersey. South Jersey Energy Solutions, the parent of SJI's non-regulated businesses, provides innovative, environmentally friendly energy solutions that help customers control energy costs. South Jersey Energy acquires and markets natural gas and electricity for retail customers and offers energy-related services. Marina Energy develops and operates on-site energy projects. South Jersey Resources Group provides wholesale commodity marketing and risk management services. South Jersey Energy Service Plus installs, maintains and services residential and commercial heating, air conditioning and water heating systems; services appliances; installs solar systems; provides plumbing services and performs energy audits. For more information about SJI and its subsidiaries, visit http://www.sjindustries.com.
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