S&P changes Caribbean Utilities’ view, affirms Fortis

S&P said it affirmed its A- issuer credit rating on Fortis Inc. and the BBB+ senior unsecured debt rating.

The agency also affirmed the BBB rating on the company's preferred shares on the global scale and P-2 on the Canada national preferred share scale.

S&P affirmed the ratings on insulated subsidiary Central Hudson Gas & Electric Corp. including the A- issuer rating and senior unsecured debt ratings. The outlook on Central Hudson is stable.

For Tucson Electric Power Co., the agency affirmed the A- issuer rating and senior unsecured debt ratings. The outlook is negative.

For Caribbean Utilities Co. Ltd., the agency affirmed the BBB+ issuer rating and senior unsecured debt ratings. However, the agency revised the outlook to negative from stable.

For FortisTCI, the agency affirmed the BBB issuer rating. The outlook is negative.

For Maritime Electric Co. Ltd., the agency affirmed the the BBB+ issuer rating with a stable outlook.

S&P affirmed the ratings on FortisAlberta Inc., including the A- issuer rating. The outlook is negative.

“The negative outlook on Fortis and most of its subsidiaries reflects the potential over the next six to 12 months for weaker consolidated financial measures should the Covid-19 pandemic or macroeconomic downturn persist,” the agency said in a news release.

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