Moody's lifts Scana view to positive

Moody's Investors Service said it affirmed the ratings of Scana Corp. and its subsidiary South Carolina Electric & Gas Co. and revised the outlooks to positive from negative.

Moody's also said it affirmed the ratings of Public Service Co. of North Carolina, Inc. with a negative outlook.

The action follows a decision by the Public Service Commission of South Carolina to approve Scana's proposed merger with Dominion Energy, Inc. and its related rate plan, Moody's explained.

The ratings recognize the benefits of ownership by the larger, more diversified Dominion parent company with a stronger balance sheet and greater financial flexibility, the agency said.

The continuing negative outlook reflects a material deterioration in the utility's standalone credit metrics due to increased leverage to fund its ongoing capital expenditure program, Moody's said.

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