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Moody’s changes CenterPoint Energy to negative
Moody's Investors Service said it affirmed all the ratings of CenterPoint Energy Inc., including its Baa1 senior unsecured rating and Prime-2 short-term rating for commercial paper, and changed the outlook to negative from stable.
"CenterPoint is acquiring $4.1 billion rate base, 65% of which are low-risk natural gas distribution businesses," Moody’s vice president, senior analyst Robert Petrosino said in a news release.
"CenterPoint sees enough strategic value that it is willing to utilize its balance sheet, increase its holding company leverage and weaken its key financial credit ratios in order to complete the acquisition of Vectren Corp."
The negative outlook primarily reflects the financing decisions associated with the acquisition, the agency explained.
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