...Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) of Mountaineer Gas Company (MGC) at `BB+' with a Stable Rating Outlook. Fitch has also affirmed MGC's senior unsecured debt ratings at `BBB¡'/`RR1'. MCG's ratings primarily reflect a challenging regulatory environment in West Virginia, the utility's small scale of operations and private equity ownership. MGC's ongoing pipe replacement program will keep capex elevated throughout the forecast period. Fitch considers the infrastructure replacement and expansion program (IREP) cost recovery rider to be a credit positive as it partly alleviates regulatory lag. Despite the large capex program, Fitch expects MGC's financial profile to remain supportive of existing ratings over 2020¡2023. Fitch does not expect the ongoing global coronavirus pandemic to have a material impact on MGC's ratings....
