S&P changes FortisTCI to negative

S&P said it revised its outlook on FortisTCI Ltd. to negative from stable.

At the same time, the agency affirmed its BBB issuer credit rating on the company.

“The outlook revision reflects FTCI's weaker financial metrics following Hurricane Irma last year, despite the company's recent decision to reduce dividends to parent Fortis Inc. through 2020,” S&P said in a news release.

“FTCI's 2017 cash flow measures fell after the hurricane, reflecting a 5% decline in electricity sales and increased debt to finance storm restoration costs.”

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