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Moody’s affirms Avangrid, ups Central Maine Power
Moody's Investors Service said it affirmed the long-term ratings of Avangrid, Inc. (Baa1 issuer rating) and its subsidiaries Avangrid Renewables Holdings, Inc. (Baa1 backed issuer rating), New York State Electric and Gas Corp. (A3 issuer rating), Rochester Gas & Electric Corp. (Baa1 issuer rating), United Illuminating Co. (Baa1 issuer rating), Southern Connecticut Gas Co. (Baa1 issuer rating) and Connecticut Natural Gas Corp. (A3 senior unsecured rating).
The agency also upgraded Central Maine Power Co.’s issuer rating to A2 from A3.
The outlooks of Avangrid Renewables, Rochester Gas & Electric, Southern Connecticut Gas, and Berkshire Gas Co. were changed to positive from stable, while Central Maine Power's outlook was stabilized.
All other outlooks remain stable.
"Avangrid's Baa1 rating reflects the strength of its regulated utility subsidiaries that account for 65% of operating cash flow generation as well as the largely contracted nature of its unregulated business," Moody’s analyst Lesley Ritter said in a news release.
"Offsetting these credit positives is our expectation that the company's leverage will incrementally grow over time, causing its credit metrics to soften and come in line with the company's current rating."
The upgrade of Central Maine Power to A2 was prompted by the completion and energization of its $1.4 billion Maine Power Reliability Program in 2015 which was brought online on time and on budget, the agency said. The completion of this project removes the execution risk the company had been facing during the construction period and materially improves its business risk profile. It also increases its exposure to FERC regulation, another credit positive.
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