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S&P lowers Entergy New Orleans
S&P said it downgraded Entergy New Orleans LLC’s issuer rating to BBB from BBB+ and its first-mortgage bonds to A- from A. The recovery rating remains 1.
In explaining the downgrade, S&P cited the risk of severe storms and hurricanes in the company’s service area.
“We are revising our assessment of ENO’s group support from parent company Entergy Corp. (Entergy) to moderately strategic from core given our view that group support has weakened because of the propensity and severity of storm activity along the Gulf Coast. Our stand-alone credit profile (SACP) for ENO remains bbb-,” S&P said in a press release.
The outlook is negative.
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