We expect financial measures for SEMCO Energy Inc.'s (SEMCO) parent AltaGas Ltd. to remain at the lower end of the "significant" financial risk profile category, reflecting low commodity prices and high leverage due to ongoing capital programs and recent acquisitions. We are revising our outlook on SEMCO to negative from stable. We are also affirming our ratings on SEMCO, including our 'BBB' long-term corporate credit rating. We are revising down our assessment of SEMCO's liquidity to "adequate" from "strong", reflecting our consolidated view of AltaGas' liquidity. The negative outlook reflects Standard&Poor's Ratings Services' baseline forecast that AltaGas' consolidated financial measures are at the lower end of the "significant" financial risk profile category and has little cushion to absorb
