The ratings on Questar Gas Co. reflect a reflect the company's affiliation with higher-risk Questar Corp. and Questar Market Resources (QMR), a strong stand-alone business profile, and an intermediate consolidated financial profile. Questar Gas is the regulated gas distribution subsidiary of Questar Corp. Questar Corp. is a natural gas-focused energy holding company that acquires, explores for, develops, produces, gathers, processes, and markets oil, gas, and hydrocarbon liquids through its subsidiary, Questar Market Resources Inc. (QMR). Questar also owns Questar Pipeline Co., which conducts interstate gas transportation and storage activities. Utah-based Questar had about $1.23 billion of total debt outstanding at the end of third quarter 2005. Of this amount, Questar Gas accounts for roughly 24%. While affiliation with Questar and
