S&P rates UIL, subsidiary BBB

Standard & Poor's said it assigned its BBB corporate credit rating to UIL Holdings Corp. and its primary operating subsidiary United Illuminating Co. and also assigned its BBB senior unsecured rating to United Illuminating.

The outlook is stable.

The agency said UIL's ratings are based on the credit profile of its primary operating subsidiary.

The ratings incorporate the low operating risk nature of United Illuminating's electric distribution operations combined with the increasing contribution of its transmission assets.

S&P said the subsidiary will need to pursue constructive regulatory outcomes to recover the large proposed capital spending program and support its credit profile.

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