Southwest Gas Holdings Inc. (SWX) recently announced it extended the maturity of the $1.6 billion bridge facility it used to finance its acquisition of MountainWest Pipeline LLC. We believe this will improve the company's liquidity over the next 12 months. Our ratings on SWX and its subsidiary Southwest Gas Corp. (SWG) remain on CreditWatch, where we placed them with developing implications on April 26, 2022. The CreditWatch reflects the material uncertainty around SWX's potential divestiture of its subsidiaries MountainWest Pipeline LLC and Centuri Group Inc., as well as its use of the proceeds from any such sale. Our stand-alone assessment of MountainWest is negatively affected by its relatively small scale, revenue concentration (two key customers account for more than 45%
