Overview Key strengths Key risks Lower-risk, fully regulated natural gas distribution and transportation utility operations. The company?s small size makes it susceptible to localized weather and adverse economic conditions. Effective management of regulatory risk in Michigan. Aging pipe materials increase operating risk, though the company has replaced the majority of its old pipes. Manageable debt maturity profile over the coming years. SEMCO is an insulated subsidiary of AltaGas Ltd. , which lead us to rate it one notch above our rating on its parent. This divestiture includes ENSTAR natural gas, Alaska Pipeline Co., its 65% ownership stake in Cook Inlet Natural Gas Storage Alaska (CINGSA), and some associated unregulated operations. This sale marked the closure of SEMCO and its parent
