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Moody's cuts Nstar
Moody's Investors Service said it downgraded the long-term ratings of Nstar and Nstar Electric Co., including their senior unsecured ratings to A3 from A2 and A2 from A1, respectively.
Moody's downgraded Nstar's short-term rating for commercial paper to Prime-2 from Prime-1 and affirmed Nstar Electric's Prime-1 short term commercial paper rating.
The outlook is stable.
Moody's also downgraded the ratings of Connecticut Light and Power Co., including the senior unsecured rating to Baa2 from Baa1.
The outlook is stable.
Concurrently, Moody's affirmed the ratings of Northeast Utilities, Public Service Co. of New Hampshire, Western Massachusetts Electric Co. and Yankee Gas Services Co.
The outlook is stable.
Moody's said the downgrades of Nstar and Nstar Electric were triggered by the anticipated completion of the stock-for-stock merger of equals between Northeast Utilities and Nstar announced in October 2010.
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