S&P raises Avangrid, subsidiaries

Standard & Poor's said it raised its issuer credit rating on Avangrid Inc., UIL Holdings Corp., United Illuminating Co., Southern Connecticut Gas Co., Connecticut Natural Gas Corp. and Berkshire Gas Co. to BBB+ from BBB.

At the same time, the agency raised the issuer credit ratings on New York State Electric & Gas Corp., Rochester Gas & Electric Corp. and Central Maine Power Co. to A- from BBB+.

The outlook is stable.

S&P said the upgrade on Avangrid stems from the upgrade of its ultimate parent, Spanish power company Iberdrola SA. The agency assesses Avangrid as a core member of Iberdrola with a stand-alone credit profile of bbb+ and, in the absence of insulation, the issuer credit rating on Avangrid is determined by the issuer credit rating on Iberdrola.

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