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    Fei She • Bank of America

    Fei She's questions to Atmos Energy Corp (ATO) leadership

    Fei She's questions to Atmos Energy Corp (ATO) leadership • Q1 2025

    Question

    Fei She of Barclays requested an update on the company's Moody's rating outlook, which has been negative for nearly a year. She also asked how the FFO to debt metric is expected to trend given the company's capital plan and higher equity issuance.

    Answer

    Christopher Forsythe, SVP and CFO, stated that Atmos Energy has been in regular communication with Moody's and anticipates an update by early April. He emphasized the company's comfort with its current equity capitalization, which has provided stability through volatile periods. Forsythe noted that a potential one-notch downgrade would likely have a minimal impact on the company's financing costs.

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    Fei She's questions to Atmos Energy Corp (ATO) leadership • Q4 2024

    Question

    Fei She from Bank of America inquired about Atmos Energy's financing strategy for its expanded five-year capital plan, asking for clarity on the annual ATM program run rate and other financing methods. She also asked about the outlook for interest costs and the company's approach to using interest rate swaps.

    Answer

    Christopher Forsythe, SVP and CFO, explained that the incremental $15 billion financing need will be met with a balanced 50/50 mix of equity and long-term debt. He confirmed that the company anticipates satisfying all its equity requirements through its ATM program. Forsythe also stated that the company is comfortable with its current debt-to-capitalization ratio and will continue to use interest rate hedging opportunistically to manage costs for customers.

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