S&P turns WP&L outlook to negative

S&P said it changed its outlook for Wisconsin Power & Light Co. to negative from stable but affirmed its A issuer rating.

“WP&L's financial measures have been consistently weak for the current rating. Since 2019, the company's FFO to debt has remained consistently below our downgrade threshold of greater than 20%. WP&L's historical financial performance was primarily affected by rate freezes in 2019 and 2020 following the passage of the 2018 Tax Cuts and Jobs Act,” the agency said in a press release.

S&P said it expects the company will continue underperforming its expectations, which led to the negative outlook.

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