...Mountaineer Gas Company's (MGC) ratings primarily reflect the utility's small scale of operations, private equity ownership and a challenging regulatory environment in West Virginia. MGC's ongoing pipe replacement program will keep capex elevated throughout the forecast period. Fitch Ratings considers the infrastructure replacement and expansion program (IREP) cost-recovery rider to be credit positive, as it alleviates regulatory lag. Fitch expects MGC's financial profile to remain supportive of existing ratings over 2019¡2022, despite the large capex program....