The ratings on Questar Gas Co. 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 Questar's regulated gas distribution subsidiary. Questar 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, QMR. Questar also owns Questar Pipeline Co., which conducts interstate gas transportation and storage activities. Utah-based Questar had about $983 billion of total debt outstanding as of March 31, 2006. Although affiliation with Questar and QMR serves Questar Pipeline well in the current period of high oil and gas prices, Standard&Poor's Ratings Services recognizes
