S&P revises ITC Holdings to negative

Standard & Poor's revised its rating outlook on ITC Holdings Corp. and its regulated utility subsidiaries, Michigan Electric Transmission Co., International Transmission Co., ITC Midwest LLC and ITC Great Plains LLC, to negative from developing.

At the same time, S&P affirmed its ratings, including the A- issuer credit ratings, on ITC and its subsidiaries.

S&P based its negative outlook on Fortis Inc.'s announcement that it will acquire ITC and that Fortis' consolidated financial measures could consistently weaken from current levels, reflecting funds from operations to debt of below 10%.

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