Pacific Northern Gas Ltd.
TSX : PNG
TSX : PNG.PR.A

Pacific Northern Gas Ltd.

September 01, 2005 17:38 ET

Pacific Northern Gas Reports DBRS has Placed Ratings Under Review with Negative Implications

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 1, 2005) - Pacific Northern Gas Ltd. ("PNG") (TSX:PNG)(TSX:PNG.PR.A) reported today that the ratings of its secured debentures (currently rated BBB(low)) and cumulative redeemable preferred shares (currently rated Pfd-3(low)) have been placed under review with negative implications by Dominion Bond Rating Service ("DBRS"). In taking this action, DBRS indicated that the key reasons were rising natural gas prices and the potential for dual-heating source residential customers (wood and natural gas) to reduce gas use.

Headquartered in Vancouver, British Columbia, Pacific Northern Gas Ltd. (TSX:PNG)(TSX:PNG.PR.A) owns and operates natural gas transmission and distribution systems. The Company's western transmission line extends from the Duke Energy Gas Transmission system north of Prince George to tidewater at Kitimat and Prince Rupert, and provides service to 12 communities and a number of industrial facilities. In the northeast, Pacific Northern's subsidiary Pacific Northern Gas (N.E.) Ltd. provides gas distribution service in the Dawson Creek, Fort St. John and Tumbler Ridge areas. Further information is available on the Company's website at: www.png.ca.

Contact Information

  • Pacific Northern Gas Ltd.
    Elizabeth Fletcher
    Chief Financial Officer
    (604) 691-5684
    www.png.ca