...- Southwest Gas Holdings Inc. (SWX) recently announced its plan to spin off Centuri from the SWX group. We believe a spin-off of this higher-risk business will improve consolidated business risk. - SWX also commenced an underwritten common stock offering of at least $400 million to partially repay the short-term debt incurred in acquiring Dominion Energy Questar Pipeline LLC. - We placed all our long-term ratings on SWX, Southwest Gas Corp. (SWG), and Questar Pipeline on CreditWatch with positive implications. These include the '###-' issuer credit ratings on SWX and Questar Pipeline, our '###-' issue-level rating on Questar Pipeline's senior unsecured debt, our '###' issuer credit rating on SWG, and our '###' issue-level rating on SWG's senior unsecured debt. - The CreditWatch positive placement reflects expected improvement in business risk following the spin-off of Centuri, but also ongoing uncertainties around the post-separation capital structure of SWX and Centuri and the refinancing...
