S&P may up Northeast Utilities

Standard & Poor's said it placed the BBB ratings on Northeast Utilities and subsidiaries Connecticut Light & Power Co., Public Service Co. of New Hampshire, Western Massachusetts Electric Co. and Yankee Gas Services Co. on CreditWatch with positive implications.

The agency also said it placed the A+ ratings on Nstar and subsidiaries, Nstar Electric and Nstar Gas, on CreditWatch with negative implications.

The actions follow news that Northeast Utilities has entered into an agreement to merge with Nstar.

The positive CreditWatch reflects that the company's credit quality will benefit from the merger with the higher rated Nstar, S&P said. The combined entity is expected to have an excellent business risk profile, the agency said.

The merger also will provide regulatory diversity, S&P said.

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