S&P boosts Fortis

Standard & Poor's said it raised its long-term corporate credit rating on Fortis Inc. to A- from BBB+.

At the same time, S&P said it raised the senior unsecured debt rating on Fortis to A- from BBB, the global-scale preferred stock rating to BBB from BBB- and the Canadian-scale preferred stock rating to P-2 from P-2(Low).

The agency added that it removed the ratings from CreditWatch with positive implications, where they were placed Feb. 26.

The outlook is stable.

S&P noted that the ratings on Fortis reflect its diversified portfolio of independent regulated utility subsidiaries, the stable and predictable regulated cash flows that flow from these investments, the proportionally low amount of debt held - and expected to be held - at the Fortis Inc. company level and the company's focused and well-executed growth strategy.

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