S&P: ConEd view now negative

Standard & Poor’s said it revised its outlook on Consolidated Edison Inc. and its regulated utility subsidiaries, Consolidated Edison Co. of New York Inc. and Orange and Rockland Utilities Inc., to negative from stable.

At the same time, S&P affirmed the ratings, including the A- issuer credit ratings, on Consolidated Edison Inc. and its subsidiaries.

“We base the negative outlook on our expectations that the New York Public Service Commission’s [NYPSC] handling of the DPS allegations that Consolidated Edison violated multiple safety regulations in connection with the 2014 East Harlem natural gas explosion could increase regulatory risk, potentially weakening the company's business risk profile,” said S&P credit analyst Gabe Grosberg in a news release.

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