Electric Acquires Water Utility
NIPSCO has agreed
to acquire IWC Resources Corp., the parent of Indianapolis Water Co., for $288 million, prompting a look at credit ratings.
In response to the agreement, Moody's Investors Service is considering a ratings downgrade of IWC ('A1' senior secured). Moody's also confirmed the ratings of NIPSCO Industries, Inc. ('baa3' preferred stock) and its operating subsidiary, Northern Indiana Public Service Co. ('A2' senior secured).