S&P lifts Con Edison view to stable

S&P said it revised the outlook on Consolidated Edison Inc. (Con Edison) and its regulated utility subsidiaries, Consolidated Edison Co. of New York Inc. and Orange and Rockland Utilities Inc., to stable from negative.

The agency also said it affirmed the ratings, including the A- issuer credit ratings, on Con Edison and its subsidiaries.

The agency also said it affirmed the company’s BBB+ senior unsecured debt, the A- senior unsecured debt at Consolidated Edison Co. of New York and the A- senior unsecured debt at Orange and Rockland.

The A-2 short-term ratings for Con Edison, Consolidated Edison Co. of New York and Orange and Rockland are unchanged.

The outlook revision follows state regulators’ recent approval of Consolidated Edison Co. of New York’s multi-year electric and gas rate plan viewed as largely constructive, S&P explained.

This supports a view that the company will effectively manage regulatory risk on a forward-looking basis in a manner that is generally consistent with peers in New York, the agency said, despite the possibility of potential penalties related to the 2014 East Harlem gas explosion.

The company also has an excellent business risk profile and significant financial risk profile, S&P said.

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