S&P trims Entergy New Orleans

S&P said it lowered its ratings on Entergy New Orleans LLC to BB from BB+ and its first-mortgage bonds to BBB from BBB+. The bonds’ recovery rating remains 1.

Entergy Corp. proposed multiple options regarding its subsidiary Entergy New Orleans, including a sale, a spinoff or the utility becoming city-owned after an announcement from the New Orleans City Council president regarding the future ownership of the utility.

“As a result, we revised our assessment of ENO's group status to nonstrategic from moderately strategic. Our stand-alone credit profile (SACP) remains bb,” S&P said in a press release.

The outlook is developing.

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