Folsom,
NJ – 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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