Moody’s ups Berkshire Gas to A3

Moody's Investors Service said it upgraded Berkshire Gas Co.’s issuer rating to A3 from Baa1.

The outlook remains positive.

At the same time, the agency affirmed Avangrid Renewables Holdings, Inc.'s (AGR Renewables) issuer rating at Baa1 and changed its outlook to stable from positive.

"Berkshire Gas Company's upgrade is prompted by the filing of its first general rate case in almost ten years, which allows the company to access the decoupling mechanism available to other gas utilities in Massachusetts' and improve the stability of Berkshire's operating cash flows," Moody’s assistant vice president, analyst Lesley Ritter said in a news release.

"The positive outlook reflects our expectations that the company will continue to produce strong financial results after its general rate case is completed."

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