S&P lowers Scana to stable

Standard & Poor's said it affirmed Scana Corp.’s BBB+ issuer credit ratings and A-2 short-term ratings.

The agency also said it affirmed the ratings of its subsidiaries, South Carolina Electric & Gas Co. and Public Service Co. of North Carolina Inc.

S&P also said it revised the outlook on the companies to stable from negative.

The companies and regulators came to an settlement agreement that definitively establishes the prudence and recoverability of a major increase in the cost and schedule of a nuclear construction project, S&P said.

The agreement also absolved the company of any imprudence related to the higher costs, the agency said, and called for a lower return to be applied prospectively to the financing costs on the project.

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