UGI Utilities, Inc.: Update to credit analysis
Our credit view of this issuer reflects its organic growth opportunities in service territory, offset by its debt introduced at the holding company in 2019.UGI is a holding company. Through its subsidiaries and affiliates, the company distributes, stores, transports and markets energy products and related services. The company's segments are: AmeriGas Propane, which distributes propane and sells, installs, and services propane appliances, including heating systems; UGI International, which includes liquefied petroleum gas distribution businesses and energy marketing business; Midstream and Marketing, which includes energy-related businesses that conduct energy marketing in the Mid-Atlantic region of the United States; and UGI Utilities, which consists of the regulated natural gas distribution businesses and the regulated electric distribution business.
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