Amid the chaos surrounding their counterparts in power markets, natural gas companies have finally reached a period of stability. At least, that is the view of credit rating agency Moody’s in its September 2002 report Leveraged Finance Industry Updates: Oil and Gas. Moody’s highlights that exploration, production and transmission companies are reaping rewards from high oil and natural gas prices, at a time when drilling costs are relatively low.

But for the debt-stricken firms in