S&P changes Fortis to negative

S&P said it revised its outlook on Fortis Inc. and most of its subsidiaries, including ITC Holdings Corp., Tucson Electric Power Co., FortisAlberta Inc. and Caribbean Utilities Co. Ltd., to negative from stable.

At the same time, S&P affirmed its ratings, including its A- long-term issuer credit rating, on the companies.

The agency said the revision reflects a view of a modest weakening to Fortis' financial measures following the U.S. corporate tax reform, which will reduce utility rates and cash flow at its U.S. subsidiaries.

In addition, the outlook reflects the risk that any adverse outcomes from pending regulatory decisions could further depress credit metrics, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.