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S&P ups Northeast Utilities
Standard & Poor's said it upgraded to BBB+ from BBB the corporate credit rating on Northeast Utilities and its operating subsidiaries, Connecticut Light and Power Co., Public Service Co. of New Hampshire Inc., Western Massachusetts Electric Co. and Yankee Gas Services Co.
The agency also said it upgraded the issue ratings on Northeast Utilities and its subsidiaries.
The upgrade reflects the company's improving consolidated financial risk profile along with its excellent consolidated business risk profile, S&P said.
The improvement in the financial risk profile is in large part due to base rate increases granted to three companies over the past six to nine months, which should enable the regulated utilities to earn closer to their allowed returns and should provide cash flow certainty over the next few years, the agency said.
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