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Article: Fitch: CH Energy Group's Partial Sale of Griffith A Credit Positive.
- Article from:
- Business Wire
- Article date:
- November 9, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fitch Ratings views positively the sale of a portion of CH Energy Group, Inc., parent of Central Hudson Gas & Electric Corporation's (CHG&E) non-regulated, fuel distribution business, Griffith, to Canadian-based company, Superior Plus, for $76 million, prior to closing adjustments.
The divestiture is anticipated to be completed in December 2009 and Fitch expects that the proceeds will be used for general corporate purposes and to fund continued business development opportunities. Fitch views the partial divestiture of Griffith as a credit positive to CHG&E (Issuer Default Rating [IDR] 'A-' with a Stable Outlook by Fitch) and believes that the ...
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