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S&P downgrades Nstar, upgrades Northeast Utilities
Standard & Poor's said it lowered the long-term corporate credit ratings on Nstar and its subsidiaries, Nstar Electric Co. and Nstar Gas, to A- from A+ and lowered their short-term ratings to A-2 from A-1.
Nstar's senior unsecured debt rating also was lowered to BBB+ from A and on Nstar Electric's senior unsecured debt to A- from A+.
S&P also lowered Nstar Electric's preferred stock to BBB from A- and on Nstar Gas' senior secured debt to A from AA-. The recovery rating on the senior secured debt is unchanged at 1+.
S&P also said it raised the corporate credit ratings on Northeast Utilities and its subsidiaries, Connecticut Light and Power Co., Public Service Co. of New Hampshire, Western Massachusetts Electric Co. and Yankee Gas Services Co., to A- from BBB+.
The agency said it raised the rating on Northeast Utilities' senior unsecured debt to BBB+ from BBB and raised the ratings on Connecticut Light's, Public Service's and Western Massachusetts Electric's senior unsecured debt to A- from BBB+.
The agency also said it raised Northeast Utilities and Connecticut Light's preferred stock to BBB from BBB- and affirmed the A- ratings on Connecticut Light's and Public Service's senior secured debt with a 1 recovery rating.
Northeast Utilities' ratings were removed from CreditWatch, where they placed with positive implications in October 2010. Nstar's ratings also were removed from CreditWatch, where they were placed with negative implications in October 2010.
The outlook is stable.
The actions are attributable to the imminent consummation of the all-stock merger between Northeast Utilities and Nstar, S&P said.
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