S&P ups UIL Holdings

S&P said it raised the issuer credit ratings on UIL Holdings Corp. and its subsidiaries to A- from BBB+. The outlook is stable.

At the same time, S&P is raising the rating on UIL Holdings' senior unsecured debt to BBB+ from BBB and raising the rating on United Illuminating's debt to A- from BBB+. In addition, S&P is raising the rating on Connecticut Natural Gas' senior unsecured debt to A- from BBB+.

S&P has affirmed the A rating on Southern Connecticut Gas' first mortgage bonds; the recovery rating on the bonds remains 1+.

“The upgrade reflects our view that the insulation measures UIL Holdings has implemented, along with the company’s a- stand-alone credit profile, support one notch of separation from the credit profile of its ultimate parent, Iberdrola SA,” said S&P credit analyst Dimitri Nikas in a news release.

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