S&P ups ITC view to positive

Standard & Poor's said it revised the outlook to positive from stable on ITC Holdings Corp. and its subsidiaries, International Transmission Co., Michigan Electric Transmission Co., and ITC Midwest LLC.

The agency also said it affirmed all of their ratings, including the BBB corporate credit ratings.

The positive outlook reflects a view that there is a possibility that the holding company will maintain its improved consolidated cash flow measures over the intermediate term despite its increased capital spending program, S&P said.

The company has been able to improve its cash flow measures primarily by expanding its rate base while benefiting from the Federal Energy Regulatory Commission's constructive regulation, the agency said.

Significant risks to the agency's forecast include the possibility that development costs are materially higher or significant delays to the major capital expenditures that result in a lower than expected cash flow, S&P said.

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