S&P affirms NextEra, reviews Hawaiian Electric

Standard & Poor's said it affirmed its issuer credit ratings on NextEra Energy, Inc. and its subsidiaries, Florida Power & Light Co. and NextEra Energy Capital Holdings Inc., while maintaining the stable outlook.

At the same time, the agency placed its issuer credit ratings on Hawaiian Electric Industries Inc. and Hawaiian Electric Co. on CreditWatch with positive implications.

The actions follow NextEra's announcement that it entered into an agreement to acquire Hawaiian Electric Industries while spinning off that company's banking operations by the close of the transaction.

NextEra entered into an agreement to acquire Hawaiian Electric Industries in a stock for stock transaction while assuming existing debt obligations totaling about $1.7 billion. Hawaiian Electric Industries’ bank operations are to be spun off by the close of the transaction, which S&P expects could be by year-end 2015.

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