Moody's may cut Scana, SCE&G

Moody's Investors Service said it placed the ratings of Scana Corp. and certain ratings of South Carolina Electric & Gas Co. (SCE&G) on review for downgrade.

The ratings of Public Service Co. of North Carolina, Inc. were affirmed with the outlook revised to stable.

The ratings on review include Scana's issuer rating of Baa2, senior unsecured rating of Baa2, junior subordinate rating of Baa3 and commercial-paper rating of prime-2), along with SCE&G's issuer rating of Baa1 and senior unsecured rating of Baa1.

Also on review includes South Carolina Generating Co., Inc.'s senior unsecured rating of Baa2.

The review considers the heightened risk associated with the large nuclear construction program at the summer station that will extend through 2019 and pressure future financial metrics at both the utility and the parent company, Moody's said.

The agency said the review also will take into account a supportive regulatory regime and South Carolina legislation that creates incentives for nuclear construction.

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