Moody's affirms Northeast Utilities

Moody's Investors Service said it affirmed the ratings of Northeast Utilities (Baa2 senior unsecured) and its regulated electric utility subsidiaries, Connecticut Light and Power Co. (Baa1 senior unsecured) and Public Service Co. of New Hampshire (Baa2 issuer rating), following recent rate case decisions.

The outlook is stable.

The agency said the affirmation and maintenance of the stable outlook reflects the June outcome of the subsidiaries' rate cases, which Moody's considers to be moderately credit supportive. Both subsidiaries were granted rate hikes.

These final rate orders, coupled with a business risk strategy focused around Federal Energy Regulatory Commission-regulated transmission investments and a conservative dividend payout ratio, should result in credit metrics commensurate with the existing ratings, the agency predicted.

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