S&P changes Con Ed view to negative

S&P said it revised the outlooks on Consolidated Edison Inc. (Con Ed) and its subsidiaries to negative from stable to reflect the increased possibility of political interference in New York state's regulatory construct. The agency affirmed all ratings, including the A- issuer credit rating.

The outlook changes stem from Nov. 19 announcements by the New York governor's office that Consolidated Edison Co. of New York Inc. (Cecony) faces potential penalties and possible certificate revocation because of its response to power outages in Manhattan and Brooklyn in July 2019 and that Cecony, Orange and Rockland Utilities Inc. (O&R), and Central Hudson Gas & Electric Corp. face potential penalties, and Cecony and O&R also potentially face certificate revocation, for their response and service-restoration efforts following Tropical Storm Isaias in August 2020,” the agency said in a press release.

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