Moody's upgrades ITC

Moody's Investors Service said it upgraded the senior unsecured rating of ITC Holdings Corp. to Baa2 from Baa3 and the issuer ratings of subsidiaries International Transmission Co., Michigan Electric Transmission Co. and ITC Midwest LLC to A3 from Baa1.

This concludes the review for possible upgrade that began on Dec. 4, and the outlook is stable.

The agency said the upgrade follows improvement in the cash flow credit metrics of ITC and its subsidiaries, which Moody's believes will be sustained for the foreseeable future.

The improvement comes primarily as a result of the implementation by ITC's subsidiaries of the formulaic forward looking rate setting process approved by the Federal Energy Regulatory Commission, Moody's said, adding that results in 2009 also reflect proactive steps taken by management to reduce expenses and minimize revenue deferrals in light of significantly reduced load.

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