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Fitch: CH Energy Group's Partial Sale of Griffith A Credit Positive

Posted : Mon, 09 Nov 2009 20:49:59 GMT
Author : Fitch Ratings
Category : Press Release
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NEW YORK - (Business Wire) 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 regulated utility could ultimately benefit from the decreased business risk and reduced cash flow volatility of its parent company; however, no changes to CHG&E's IDR and issue ratings are expected as a result of the divestiture.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, New York
Jill Schmidt, 212-908-0644
or
Media Relations:
Cindy Stoller, 212-908-0526
Email: cindy.stoller@fitchratings.com


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