Research Update: Southwest Gas Holdings Inc. Ratings Remain On CreditWatch Developing

Southwest Gas Holdings Inc. (SWX) recently announced it will continue its strategic review for subsidiaries MountainWest Pipeline, LLC (MountainWest) and Centuri Group, Inc. Our ratings on SWX and its subsidiaries are unchanged. The ratings for SWX and subsidiary Southwest Gas Corp. (SWG) remain on CreditWatch developing. The ratings were previously placed on CreditWatch with developing implications on April 26, 2022. The developing CreditWatch placement reflects the material uncertainty around the potential divestiture SWX's subsidiaries, MountainWest and Centuri and use of proceeds. Furthermore, we continue to assess SWX's liquidity as adequate because it is predicated on the company improving its liquidity sources over its liquidity uses ratio to greater than 1.1x within the next two months. Lack of near-term improvement would

...- Southwest Gas Holdings Inc. (SWX) recently announced it will continue its strategic review for subsidiaries MountainWest Pipeline, LLC (MountainWest) and Centuri Group, Inc. - Our ratings on SWX and its subsidiaries are unchanged. The ratings for SWX and subsidiary Southwest Gas Corp. (SWG) remain on CreditWatch developing. The ratings were previously placed on CreditWatch with developing implications on April 26, 2022. - The developing CreditWatch placement reflects the material uncertainty around the potential divestiture SWX's subsidiaries, MountainWest and Centuri and use of proceeds. Furthermore, we continue to assess SWX's liquidity as adequate because it is predicated on the company improving its liquidity sources over its liquidity uses ratio to greater than 1.1x within the next two months. Lack of near-term improvement would likely result in a lower rating....

Research Update