S&P changes UIL Holdings to positive

Standard & Poor's said it revised its outlook on UIL Holdings Corp. and its subsidiaries United Illuminating Co., Connecticut Natural Gas Corp., Berkshire Gas Co., and Southern Connecticut Gas Co. to positive from stable.

At the same time, the agency affirmed its ratings, including the BBB issuer credit rating.

S&P said the outlook revision reflects the positive outlook on Avangrid and that the ratings of UIL and its subs are now aligned with that of its new parent.

"The positive outlook also reflects insulation measures that we expect to be put in place as part of the merger order that could enable us to differentiate the ratings of UIL and its subsidiaries and Avangrid even if the ratings on Avangrid are not raised," S&P credit analyst Matthew O'Neill said in a news release.

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