S&P: CenterPoint notes unaffected

Standard & Poor's noted that the ratings on CenterPoint Energy Inc. (BBB/negative/--) are unaffected by testimony that the Public Utility Commission of Texas staff filed regarding CenterPoint Energy Houston Electric's true-up filing.

S&P said commission staff recommended a total of $1.95 billion in adjustments to CenterPoint's total requested amount of $4.43 billion, including $631 million of interest on stranded costs which is on appeal at the Supreme Court of Texas. On this basis, the commission staff recommended recovery of $2.48 billion. The commission expects to issue a final decision on Aug. 30.

S&P said previously that it expects $5 billion of total deleveraging from the Texas Genco monetization process, which includes both the securitization of stranded costs and the sale of CenterPoint's 81% interest in Texas Genco, in order for the rating to be maintained.

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