S&P upgrades Central Maine

S&P said it raised the issuer credit rating on Central Maine Power Co. to A from A-.

The agency also said it raised the ratings on the company's senior unsecured debt to A from A- and short-term rating to A-1 from A-2.

The outlook is stable.

The stable outlook reflects an expectation that the company will sustain financial measures at the higher end of the range for its financial risk profile category by growing organically through investments in its distribution and Federal Energy Regulatory Commission (FERC)-regulated transmission business, S&P said.

The agency said it expects financial measures to consistently reflect funds from operations to debt of greater than 20%.

The upgrades reflect an expectation for sustained strength in the company's financial measures, reflecting a modest improvement in the company's financial measures under the updated criteria as well as the company's steady growth through its lower-risk electric transmission and distribution operations, S&P said.

The stable outlook reflects an expectation that the company will continue to sustain financial measures at the higher end of the range for its financial risk profile category by growing organically, the agency said.

© 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.