Moody’s cuts Orange & Rockland

Moody’s Investors Service said it downgraded the long-term ratings, including senior unsecured and long-term issuer rating, of Orange and Rockland Utilities, Inc. to Baa2, citing a weakened financial profile and higher political and regulatory risk in New York, its primary service territory.

“O&R’s weakening financial profile comes at the same time that political intervention and regulatory risk is rising,” said Ryan Wobbrock, a Moody’s vice president and senior credit officer, in a press release.

“With a less predictable business environment and projected cash flow to debt ratios expected to be around 15% for a sustained period of time, O&R’s credit profile is better aligned with Baa2-rated peers,” added Wobbrock.

O&R’s outlook is stable.

© 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.