The ratings on Questar Gas Co. (QGC) reflect the consolidated credit profile of its parent, U.S. natural gas company Questar Corp. (A/Stable/A-1). The ratings on Questar Corp. reflect the company's excellent business risk profile and intermediate financial risk profile. We view the business risk and financial risk profiles of Questar Corp. and its subsidiaries--QGC (26% of EBITDA for the 12 months ended March 31, 2011), Questar Pipeline Co. (QPC; A/Stable/--; 35%), and Wexpro Co. (not rated; 39%)--on a consolidated basis. Supportive regulation, a high-growth service area with a mostly residential customer base, low operating risks, and lack of competition characterize the utility's excellent business risk profile. The business risk profile also benefits from strong access to gas supply and storage
