Fitch ups SCG, United Illuminating

Fitch Ratings said it upgraded the long-term issuer default rating of Southern Connecticut Gas Co. (SCG) and United Illuminating Co. to A- from BBB+.

Fitch also affirmed the long-term issuer default rating of Avangrid, Inc. (BBB+) and its other regulated utility subsidiaries, which include Berkshire Gas Co. (A-), Central Maine Power Co. (BBB+), Connecticut Natural Gas Corp. (A-), New York State Electric & Gas Corp. (BBB+) and Rochester Gas and Electric Corp. (BBB+).

The outlook for each entity is stable.

“The upgrade for SCG primarily reflects an improved business risk profile following implementation of the utility's three-year rate plan in 2018,” the agency said in a news release.

Fitch said the upgrade for United Illuminating primarily reflects a combination of an improved business risk profile and supportive financial metrics.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.