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Brooklyn Union Gas Company, The -- Moody's downgrades KEDNY to A3; stable outlook

Moody's Investors Service ("Moody's") has today downgraded the senior unsecured ratings and issuer rating of The Brooklyn Union Gas Company (known as KEDNY) to A3 from A2. Today's rating action reflects the persistent weakness of KEDNY's key credit metrics and Moody's assessment that there is limited likelihood of a recovery over the medium term. KEDNY's ratio of cash from operations before working capital (CFO pre-WC) to debt was 9.8% in the year to March 2018 and is expected to remain weak for the assigned rating.