Moody’s: UIL Holdings outlook to stable

Moody's Investors Service said it affirmed UIL Holdings Corp.’s Baa2 rating and changed the outlook to stable from negative.

"The stabilization of UIL's outlook reflects our expectation that the termination of its offer to acquire Philadelphia Gas Works will allow the company to keep its parent level debt unchanged and maintain debt coverage ratios in line with its rating," Moody’s analyst Lesley Ritter said in a news release, adding that "the acquisition would have led to a higher proportion of debt at the parent company and could have resulted in wider ratings notching to capture the deeper subordination of parent level debtholders relative to those of the operating company.”

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