Fitch Ratings affirmed the credit ratings of six North American natural gas local distribution companies on January 27, 2026, and subsequently affirmed ratings for nine additional North American utilities, power, and gas holding companies on February 19, 2026.
The actions, according to Fitch, followed updates to its “Corporate Rating Criteria” and the “Sector Navigators Addendum to the Corporate Rating Criteria” released on January 9, 2026. Fitch stated that the ratings and outlooks of the companies were not affected by the criteria changes.
The American Gas Association (AGA) publishes annual rankings of local distribution companies based on sales volumes, revenues, and customer numbers, utilizing data from companies’ Annual Report of Gas Operations (ARGO). The AGA’s 2023 rankings reflect the top 50 companies in each natural gas-consuming sector – residential, commercial, industrial, and electric generation – as well as overall rankings. Companies can report ARGO data at either the corporate or subsidiary level, and the AGA does not combine subsidiary data for ranking purposes.
Fitch’s affirmations encompass a range of companies involved in the distribution of natural gas across North America. The ratings agency did not disclose the specific companies included in the January 27th affirmation, but indicated the actions were part of a broader review following the criteria updates. The February 19th affirmation included utilities, power, and gas holding companies, but specific names were also not released in the public statement.
