S&P cuts ITC outlook to stable

Standard & Poor's said it changed the outlook on ITC Holdings to stable from positive.

At the same time, S&P said it affirmed the BBB corporate credit rating on ITC and its subsidiaries.

The agency noted that the stable outlook recognizes the company's excellent business profile and especially the Federal Energy Regulatory Commission's constructive regulatory environment.

However, due to the company's growth-oriented strategy and management's aggressive financial policy, which finances existing and new projects with 70% debt, financial measures will remain weaker than we expected when S&P said it originally revised the outlook to positive on Sept. 22, 2006.

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