The following list ranks North American regulated utility companies by the rating, outlook, and business and financial risk profile assessment. S&P Global Ratings ranks investment-grade companies (rated 'BBB-' or higher) with the same rating and outlook first by the business risk profile, then the financial risk profile. Speculative-grade companies (rated 'BB+' or lower) with the same rating and outlook are ordered by financial risk profile, then by business risk profile. If not distinguished by these factors, companies are listed in alphabetical order. The ratings and scores in this report are as of Feb. 12, 2024.
Table 1
Issuer Ranking: North American Utility Companies | ||||||
---|---|---|---|---|---|---|
Company | Issuer credit rating | Outlook | Stand-alone credit profile | Business risk profile | Financial risk profile | Primary analyst |
Alberta Electric System Operator (AESO) |
AA- | Stable | aa- | Excellent | Modest | David S De Juliis |
Midcontinent Independent System Operator Inc. |
AA- | Stable | aa- | Excellent | Modest | Daria Babitsch |
Madison Gas & Electric Co. |
AA- | Stable | aa- | Excellent | Intermediate | Shiny A Rony |
American Transmission Co. |
A+ | Stable | a+ | Excellent | Intermediate | Beverly R Gantt |
California Independent System Operator Corp. |
A+ | Stable | a+ | Excellent | Intermediate | Daria Babitsch |
California Water Service Co. |
A+ | Stable | a+ | Excellent | Intermediate | Beverly R Gantt |
Golden State Water Co. |
A+ | Stable | aa- | Excellent | Intermediate | David S De Juliis |
Northwest Natural Gas Co. |
A+ | Negative | a+ | Excellent | Intermediate | Mayur Deval |
Northwest Natural Holding Company |
A+ | Negative | a+ | Excellent | Intermediate | Mayur Deval |
Energir Inc. |
A | Stable | a | Excellent | Intermediate | Omar El Gamal, CFA |
Florida Power & Light Co. |
A | Stable | a+ | Excellent | Intermediate | Daria Babitsch |
Middlesex Water Co. |
A | Stable | a | Excellent | Intermediate | Daria Babitsch |
New Jersey-American Water Co. |
A | Stable | a+ | Excellent | Intermediate | William Hernandez |
Oncor Electric Delivery Co. LLC |
A | Stable | a | Excellent | Intermediate | Daria Babitsch |
Pennsylvania-American Water Co. |
A | Stable | a+ | Excellent | Intermediate | William Hernandez |
San Jose Water Co. |
A | Stable | a | Excellent | Intermediate | Beverly R Gantt |
Veolia Utility Resources LLC |
A | Stable | a | Excellent | Intermediate | David S De Juliis |
Wisconsin Gas LLC |
A | Stable | a | Excellent | Intermediate | Shiny A Rony |
American States Water Co. |
A | Stable | a | Excellent | Significant | David S De Juliis |
American Water Works Co. Inc. |
A | Stable | a | Excellent | Significant | William Hernandez |
Baltimore Gas and Electric Co. |
A | Stable | a | Excellent | Significant | Daria Babitsch |
Berkshire Hathaway Energy Co. |
A | Stable | bbb | Excellent | Significant | Sloan Millman, CFA, FRM |
Central Maine Power Co. |
A | Stable | a | Excellent | Significant | Omar El Gamal, CFA |
Green Mountain Power Corp. |
A | Stable | bbb+ | Excellent | Significant | Omar El Gamal, CFA |
Northern States Power Co. |
A | Stable | a | Excellent | Significant | William Hernandez |
PPL Electric Utilities Corp. |
A | Stable | a | Excellent | Significant | Mayur Deval |
Toronto Hydro Corp. |
A | Developing | a | Excellent | Intermediate | Omar El Gamal, CFA |
Aqua Pennsylvania Inc. |
A | Negative | a+ | Excellent | Intermediate | Beverly R Gantt |
Connecticut Natural Gas Corp. |
A | Negative | a+ | Excellent | Intermediate | Omar El Gamal, CFA |
Entegrus Powerlines Inc. |
A | Negative | a | Excellent | Intermediate | Mayur Deval |
GrandBridge Energy Inc. |
A | Negative | a | Excellent | Intermediate | Mayur Deval |
London Hydro Inc. |
A | Negative | a | Excellent | Intermediate | David S De Juliis |
Windsor Canada Utilities Ltd. |
A | Negative | a | Excellent | Intermediate | David S De Juliis |
Essential Utilities Inc. |
A | Negative | a | Excellent | Significant | Beverly R Gantt |
PNG Cos. LLC |
A | Negative | a- | Excellent | Significant | Beverly R Gantt |
Southern California Gas Co. |
A | Negative | a | Excellent | Significant | David S De Juliis |
Wisconsin Power & Light Co. |
A | Negative | a | Excellent | Significant | Beverly R Gantt |
NSTAR Electric Co. |
A | WatchNeg | a+ | Excellent | Intermediate | David S De Juliis |
Public Service Co. of New Hampshire |
A | WatchNeg | a | Excellent | Intermediate | David S De Juliis |
Connecticut Light & Power Co. |
A | WatchNeg | a | Excellent | Significant | David S De Juliis |
Alabama Power Co. |
A- | Positive | a | Excellent | Intermediate | Shiny A Rony |
Hydro One Inc. |
A- | Positive | a- | Excellent | Significant | Mayur Deval |
Hydro One Ltd. |
A- | Positive | a- | Excellent | Significant | Mayur Deval |
Nicor Gas Co. |
A- | Positive | a | Excellent | Significant | Shiny A Rony |
DTE Gas Co. |
A- | Stable | a+ | Excellent | Intermediate | Ruchi Agrawal |
MidAmerican Energy Co. |
A- | Stable | a- | Excellent | Intermediate | David S De Juliis |
Public Service Electric & Gas Co. |
A- | Stable | a+ | Excellent | Intermediate | Gerrit W Jepsen, CFA |
York Water Co. (The) |
A- | Stable | a- | Excellent | Intermediate | Daria Babitsch |
Alliant Energy Corp. |
A- | Stable | a- | Excellent | Significant | Beverly R Gantt |
AltaLink Investments L.P. |
A- | Stable | a- | Excellent | Significant | Ruchi Agrawal |
AltaLink L.P. |
A- | Stable | a- | Excellent | Significant | Ruchi Agrawal |
Atlantic City Electric Co. |
A- | Stable | a- | Excellent | Significant | Daria Babitsch |
Atmos Energy Corp. |
A- | Stable | a- | Excellent | Significant | Shiny A Rony |
Commonwealth Edison Co. |
A- | Stable | a- | Excellent | Significant | Daria Babitsch |
Consolidated Edison Co. of New York Inc. |
A- | Stable | a- | Excellent | Significant | Matthew L O'Neill |
Consolidated Edison Inc. |
A- | Stable | a- | Excellent | Significant | Matthew L O'Neill |
Consumers Energy Co. |
A- | Stable | a- | Excellent | Significant | Ruchi Agrawal |
Delmarva Power & Light Co. |
A- | Stable | a- | Excellent | Significant | Daria Babitsch |
DTE Electric Co. |
A- | Stable | a- | Excellent | Significant | Obioma Ugboaja |
Entergy Arkansas LLC |
A- | Stable | a- | Excellent | Significant | Omar El Gamal, CFA |
Entergy Mississippi LLC |
A- | Stable | a | Excellent | Significant | Omar El Gamal, CFA |
EPCOR Utilities Inc. |
A- | Stable | a- | Excellent | Significant | Ruchi Agrawal |
Evergy Metro Inc. |
A- | Stable | a | Excellent | Significant | Shiny A Rony |
Interstate Power & Light Co. |
A- | Stable | a- | Excellent | Significant | Beverly R Gantt |
Kentucky Utilities Co. |
A- | Stable | a- | Excellent | Significant | Mayur Deval |
Louisville Gas & Electric Co. |
A- | Stable | a- | Excellent | Significant | Mayur Deval |
New York State Electric & Gas Corp. |
A- | Stable | a- | Excellent | Significant | Omar El Gamal, CFA |
NextEra Energy Inc. |
A- | Stable | a- | Excellent | Significant | Gerrit W Jepsen, CFA |
Northern States Power Wisconsin |
A- | Stable | a- | Excellent | Significant | William Hernandez |
Oklahoma Gas & Electric Co. |
A- | Stable | a- | Excellent | Significant | Sloan Millman, CFA, FRM |
ONE Gas Inc. |
A- | Stable | a- | Excellent | Significant | David S De Juliis |
Orange and Rockland Utilities Inc. |
A- | Stable | bbb+ | Excellent | Significant | Matthew L O'Neill |
Peoples Gas Light & Coke Co. (The) |
A- | Stable | a- | Excellent | Significant | Shiny A Rony |
Pepco Holdings LLC |
A- | Stable | a- | Excellent | Significant | Daria Babitsch |
Potomac Electric Power Co. |
A- | Stable | a- | Excellent | Significant | Daria Babitsch |
PPL Corp. |
A- | Stable | a- | Excellent | Significant | Matthew L O'Neill |
Rhode Island Energy |
A- | Stable | bbb+ | Excellent | Significant | Mayur Deval |
Rochester Gas & Electric Corp. |
A- | Stable | a- | Excellent | Significant | Omar El Gamal, CFA |
Southwestern Public Service Co. |
A- | Stable | a- | Excellent | Significant | William Hernandez |
Washington Gas Light Co. |
A- | Stable | a- | Excellent | Significant | Ruchi Agrawal |
WEC Energy Group Inc. |
A- | Stable | a- | Excellent | Significant | William Hernandez |
Wisconsin Electric Power Co. |
A- | Stable | a- | Excellent | Significant | Shiny A Rony |
Wisconsin Public Service Corp. |
A- | Stable | a- | Excellent | Significant | Shiny A Rony |
Xcel Energy Inc. |
A- | Stable | a- | Excellent | Significant | William Hernandez |
Nevada Power Co. |
A- | Stable | bbb | Strong | Significant | David S De Juliis |
Sierra Pacific Power Co. |
A- | Stable | bbb | Strong | Significant | Sloan Millman, CFA, FRM |
Southern Connecticut Gas Co. |
A- | Developing | a- | Excellent | Intermediate | Omar El Gamal, CFA |
AEP Transmission Co. LLC |
A- | Negative | a+ | Excellent | Intermediate | Daria Babitsch |
Connecticut Water Service Inc. |
A- | Negative | a- | Excellent | Intermediate | Beverly R Gantt |
Spire Alabama Inc. |
A- | Negative | a+ | Excellent | Intermediate | William Hernandez |
Alectra Inc. |
A- | Negative | a- | Excellent | Significant | Omar El Gamal, CFA |
American Electric Power Co. Inc. |
A- | Negative | a- | Excellent | Significant | Gabe Grosberg |
Appalachian Power Co. |
A- | Negative | a- | Excellent | Significant | Daria Babitsch |
Enbridge Gas Inc. |
A- | Negative | a- | Excellent | Significant | David S De Juliis |
Fortis Inc. |
A- | Negative | a- | Excellent | Significant | Mayur Deval |
FortisAlberta Inc. |
A- | Negative | a- | Excellent | Significant | Mayur Deval |
Indiana Michigan Power Co. |
A- | Negative | a- | Excellent | Significant | Daria Babitsch |
ITC Holdings Corp. |
A- | Negative | a- | Excellent | Significant | Mayur Deval |
Ohio Power Co. |
A- | Negative | a- | Excellent | Significant | Daria Babitsch |
Public Service Co. of Colorado |
A- | Negative | a- | Excellent | Significant | William Hernandez |
SJW Group |
A- | Negative | a- | Excellent | Significant | Beverly R Gantt |
Southwestern Electric Power Co. |
A- | Negative | bbb+ | Excellent | Significant | Daria Babitsch |
Spire Inc. |
A- | Negative | a- | Excellent | Significant | William Hernandez |
Spire Missouri Inc. |
A- | Negative | a- | Excellent | Significant | William Hernandez |
Tucson Electric Power Co. |
A- | Negative | bbb+ | Excellent | Significant | Mayur Deval |
United Illuminating Co. (The) |
A- | Negative | a- | Excellent | Significant | Omar El Gamal, CFA |
AEP Texas Inc. |
A- | Negative | bbb+ | Excellent | Aggressive | Daria Babitsch |
Public Service Co. of Oklahoma |
A- | Negative | bbb | Strong | Significant | Daria Babitsch |
Eversource Energy |
A- | WatchNeg | a- | Excellent | Significant | Sloan Millman, CFA, FRM |
NSTAR Gas Co. |
A- | WatchNeg | a- | Excellent | Significant | David S De Juliis |
Yankee Gas Services Co. |
A- | WatchNeg | bbb+ | Excellent | Significant | David S De Juliis |
Aquarion Co. |
A- | WatchNeg | bbb | Excellent | Aggressive | David S De Juliis |
Eversource Gas Co. of Massachusetts |
A- | WatchNeg | bbb | Strong | Significant | David S De Juliis |
Cleco Power LLC |
BBB+ | WatchPos | a- | Excellent | Significant | Shiny A Rony |
Atlanta Gas Light Co. |
BBB+ | Positive | aa- | Excellent | Intermediate | Shiny A Rony |
Exelon Corp. |
BBB+ | Positive | bbb+ | Excellent | Significant | Gerrit W Jepsen, CFA |
Georgia Power Co. |
BBB+ | Positive | bbb+ | Excellent | Significant | Shiny A Rony |
PECO Energy Co. |
BBB+ | Positive | a | Excellent | Significant | Daria Babitsch |
Southern Co. |
BBB+ | Positive | bbb+ | Excellent | Significant | Gabe Grosberg |
Mississippi Power Co. |
BBB+ | Positive | bbb+ | Strong | Significant | Shiny A Rony |
Southern Co. Gas |
BBB+ | Positive | bbb+ | Strong | Significant | Shiny A Rony |
Duquesne Light Co. |
BBB+ | Stable | aa- | Excellent | Modest | David S De Juliis |
Evergy Kansas South Inc. |
BBB+ | Stable | aa- | Excellent | Modest | Shiny A Rony |
New England Power Co. |
BBB+ | Stable | aa- | Excellent | Modest | Ruchi Agrawal |
Indiana Gas Co. Inc. |
BBB+ | Stable | a+ | Excellent | Intermediate | Shiny A Rony |
Northern Indiana Public Service Co. LLC |
BBB+ | Stable | a- | Excellent | Intermediate | Beverly R Gantt |
Piedmont Natural Gas Co. Inc. |
BBB+ | Stable | a | Excellent | Intermediate | Beverly R Gantt |
Ameren Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | William Hernandez |
Ameren Illinois Co. |
BBB+ | Stable | a- | Excellent | Significant | William Hernandez |
Black Hills Power Inc. |
BBB+ | Stable | a- | Excellent | Significant | Shiny A Rony |
CenterPoint Energy Houston Electric LLC |
BBB+ | Stable | a | Excellent | Significant | William Hernandez |
CenterPoint Energy Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | William Hernandez |
CenterPoint Energy Resources Corp. |
BBB+ | Stable | a- | Excellent | Significant | William Hernandez |
CMS Energy Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | Sloan Millman, CFA, FRM |
DTE Energy Co. |
BBB+ | Stable | bbb+ | Excellent | Significant | Obioma Ugboaja |
Duke Energy Carolinas LLC |
BBB+ | Stable | a- | Excellent | Significant | Beverly R Gantt |
Duke Energy Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | Matthew L O'Neill |
Duke Energy Florida LLC |
BBB+ | Stable | a- | Excellent | Significant | Beverly R Gantt |
Duke Energy Indiana Inc. |
BBB+ | Stable | a- | Excellent | Significant | Beverly R Gantt |
Duke Energy Kentucky Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | Beverly R Gantt |
Duke Energy Ohio Inc. |
BBB+ | Stable | a- | Excellent | Significant | Beverly R Gantt |
Duke Energy Progress LLC |
BBB+ | Stable | a- | Excellent | Significant | Beverly R Gantt |
Entergy Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | Matthew L O'Neill |
Entergy Louisiana LLC |
BBB+ | Stable | bbb+ | Excellent | Significant | Omar El Gamal, CFA |
Entergy Texas Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | Omar El Gamal, CFA |
Evergy Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | Shiny A Rony |
Evergy Kansas Central Inc. |
BBB+ | Stable | a- | Excellent | Significant | Shiny A Rony |
KeySpan Gas East Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | Obioma Ugboaja |
Massachusetts Electric Co. |
BBB+ | Stable | a- | Excellent | Significant | Ruchi Agrawal |
Niagara Mohawk Power Corp. |
BBB+ | Stable | a- | Excellent | Significant | Obioma Ugboaja |
NiSource Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | Beverly R Gantt |
OGE Energy Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | Sloan Millman, CFA, FRM |
Portland General Electric Co. |
BBB+ | Stable | bbb+ | Excellent | Significant | Sloan Millman, CFA, FRM |
Progress Energy Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | Beverly R Gantt |
Public Service Enterprise Group Inc. |
BBB+ | Stable | bbb+ | Excellent | Significant | Gerrit W Jepsen, CFA |
San Diego Gas & Electric Co. |
BBB+ | Stable | bbb+ | Excellent | Significant | Obioma Ugboaja |
Southern Indiana Gas & Electric Co. |
BBB+ | Stable | a | Excellent | Significant | Shiny A Rony |
Texas-New Mexico Power Co. |
BBB+ | Stable | a- | Excellent | Significant | Omar El Gamal, CFA |
Union Electric Co. d/b/a Ameren Missouri |
BBB+ | Stable | bbb+ | Excellent | Significant | William Hernandez |
Unitil Corp. |
BBB+ | Stable | bbb+ | Excellent | Significant | Shiny A Rony |
Black Hills Corp. |
BBB+ | Stable | bbb+ | Excellent | Aggressive | Shiny A Rony |
National Grid North America Inc. |
BBB+ | Stable | bbb+ | Excellent | Aggressive | Obioma Ugboaja |
AVANGRID Inc. |
BBB+ | Stable | bbb+ | Strong | Significant | Omar El Gamal, CFA |
Berkshire Gas Co. |
BBB+ | Stable | bbb | Strong | Significant | Omar El Gamal, CFA |
Boston Gas Co. |
BBB+ | Stable | bbb+ | Strong | Significant | Ruchi Agrawal |
Brooklyn Union Gas Co. (The) |
BBB+ | Stable | bbb | Strong | Significant | David S De Juliis |
Evergy Missouri West Inc. |
BBB+ | Stable | bbb | Strong | Significant | Shiny A Rony |
Ontario Power Generation Inc. |
BBB+ | Stable | bb+ | Strong | Significant | Mayur Deval |
Otter Tail Power Co. |
BBB+ | Stable | bbb+ | Strong | Significant | Ruchi Agrawal |
Sempra |
BBB+ | Stable | bbb+ | Strong | Significant | Obioma Ugboaja |
Versant Power |
BBB+ | Stable | bbb+ | Strong | Significant | Ruchi Agrawal |
Public Service Co. of North Carolina Inc. |
BBB+ | Negative | a | Excellent | Intermediate | David S De Juliis |
Arizona Public Service Co. |
BBB+ | Negative | bbb+ | Excellent | Significant | Beverly R Gantt |
Dominion Energy Inc. |
BBB+ | Negative | bbb+ | Excellent | Significant | Obioma Ugboaja |
Dominion Energy Ohio |
BBB+ | Negative | a- | Excellent | Significant | David S De Juliis |
Montana-Dakota Utilities Co. |
BBB+ | Negative | bbb+ | Excellent | Significant | William Hernandez |
Pinnacle West Capital Corp. |
BBB+ | Negative | bbb+ | Excellent | Significant | Beverly R Gantt |
Questar Gas Co. |
BBB+ | Negative | a- | Excellent | Significant | David S De Juliis |
Tampa Electric Co. |
BBB+ | Negative | a | Excellent | Significant | Mayur Deval |
Virginia Electric & Power Co. |
BBB+ | Negative | a | Excellent | Significant | Obioma Ugboaja |
Central Hudson Gas & Electric Corp. |
BBB+ | Negative | bbb | Excellent | Aggressive | Mayur Deval |
Caribbean Utilities Co. Ltd. |
BBB+ | Negative | bbb | Strong | Significant | Mayur Deval |
Dominion Energy South Carolina Inc. |
BBB+ | Negative | bbb+ | Strong | Significant | David S De Juliis |
Maritime Electric Co. Ltd. |
BBB+ | Negative | bbb | Strong | Significant | Mayur Deval |
PacifiCorp |
BBB+ | Negative | bb+ | Strong | Significant | Sloan Millman, CFA, FRM |
Trans-Allegheny Interstate Line Co. |
BBB | Positive | a+ | Excellent | Modest | Ruchi Agrawal |
American Transmission Systems Inc. |
BBB | Positive | a | Excellent | Intermediate | Sloan Millman, CFA, FRM |
Mid-Atlantic Interstate Transmission LLC |
BBB | Positive | a | Excellent | Intermediate | Sloan Millman, CFA, FRM |
FirstEnergy Pennsylvania Electric Co. |
BBB | Positive | bbb+ | Excellent | Significant | Sloan Millman, CFA, FRM |
Ohio Edison Co. |
BBB | Positive | a- | Excellent | Significant | Ruchi Agrawal |
Southwest Gas Corp. |
BBB | Positive | a- | Excellent | Significant | Mayur Deval |
Toledo Edison Co. |
BBB | Positive | bbb+ | Excellent | Significant | Sloan Millman, CFA, FRM |
Cleveland Electric Illuminating Co. |
BBB | Positive | bbb | Excellent | Aggressive | Sloan Millman, CFA, FRM |
Jersey Central Power & Light Co. |
BBB | Positive | bbb | Strong | Significant | David S De Juliis |
Southern Power Co. |
BBB | Positive | bb+ | Satisfactory | Significant | Shiny A Rony |
Indianapolis Power & Light Co. |
BBB | Stable | a- | Excellent | Significant | Omar El Gamal, CFA |
Puget Sound Energy Inc. |
BBB | Stable | bbb+ | Excellent | Significant | William Hernandez |
SEMCO Energy Inc. |
BBB | Stable | a- | Excellent | Significant | Ruchi Agrawal |
Duquesne Light Holdings Inc. |
BBB | Stable | bbb | Excellent | Aggressive | David S De Juliis |
IPALCO Enterprises Inc. |
BBB | Stable | bbb | Excellent | Aggressive | Omar El Gamal, CFA |
Algonquin Power & Utilities Corp. |
BBB | Stable | bbb | Strong | Significant | Omar El Gamal, CFA |
ALLETE Inc. |
BBB | Stable | bbb | Strong | Significant | William Hernandez |
Edison International |
BBB | Stable | bbb | Strong | Significant | Obioma Ugboaja |
Empire District Electric Company (The) |
BBB | Stable | bbb | Strong | Significant | Omar El Gamal, CFA |
IDACORP Inc. |
BBB | Stable | bbb | Strong | Significant | Beverly R Gantt |
Idaho Power Co. |
BBB | Stable | bbb | Strong | Significant | Beverly R Gantt |
Monongahela Power Co. |
BBB | Stable | bbb | Strong | Significant | Sloan Millman, CFA, FRM |
NorthWestern Corp. |
BBB | Stable | bbb | Strong | Significant | Mayur Deval |
NorthWestern Energy Group Inc. |
BBB | Stable | bbb | Strong | Significant | Mayur Deval |
NorthWestern Energy Public Service Corporation |
BBB | Stable | bbb | Strong | Significant | Mayur Deval |
PNM Resources Inc. |
BBB | Stable | bbb | Strong | Significant | Omar El Gamal, CFA |
Potomac Edison Co. |
BBB | Stable | bbb | Strong | Significant | Sloan Millman, CFA, FRM |
Public Service Co. of New Mexico |
BBB | Stable | bbb | Strong | Significant | Omar El Gamal, CFA |
Southern California Edison Co. |
BBB | Stable | bbb | Strong | Significant | Obioma Ugboaja |
Otter Tail Corp. |
BBB | Stable | bbb | Satisfactory | Intermediate | Ruchi Agrawal |
National Grid Generation LLC |
BBB | Stable | bbb- | Fair | Intermediate | Obioma Ugboaja |
Emera Inc. |
BBB | Negative | bbb | Excellent | Aggressive | Mayur Deval |
Avista Corp. |
BBB | Negative | bbb | Strong | Significant | Ruchi Agrawal |
Cascade Natural Gas Corp. |
BBB | Negative | bb+ | Strong | Aggressive | William Hernandez |
Kentucky Power Co. |
BBB | Negative | bbb- | Strong | Aggressive | Daria Babitsch |
MDU Resources Group Inc. |
BBB | Negative | bbb | Satisfactory | Significant | William Hernandez |
Cleco Corporate Holdings LLC |
BBB- | WatchPos | bbb | Satisfactory | Significant | Shiny A Rony |
FirstEnergy Transmission LLC |
BBB- | Positive | a- | Excellent | Significant | David S De Juliis |
FirstEnergy Corp. |
BBB- | Positive | bbb- | Excellent | Aggressive | Sloan Millman, CFA, FRM |
Southwest Gas Holdings Inc. |
BBB- | Positive | bbb- | Satisfactory | Significant | Matthew L O'Neill |
Centennial Energy Holdings Inc. |
BBB- | Positive | bbb- | Fair | Intermediate | William Hernandez |
Puget Energy Inc. |
BBB- | Stable | bbb+ | Excellent | Significant | William Hernandez |
WGL Holdings Inc. |
BBB- | Stable | a- | Excellent | Significant | Ruchi Agrawal |
ENMAX Corp. |
BBB- | Stable | bbb- | Strong | Significant | Ruchi Agrawal |
AltaGas Ltd. |
BBB- | Stable | bbb- | Strong | Aggressive | Ruchi Agrawal |
Nova Scotia Power Inc. |
BBB- | Negative | bb+ | Strong | Aggressive | Mayur Deval |
Fortis TCI Ltd. |
BBB- | Negative | bb+ | Satisfactory | Significant | Mayur Deval |
Allegheny Generating Co. |
BB+ | Positive | bb+ | Satisfactory | Significant | Sloan Millman, CFA, FRM |
Dayton Power & Light Co. |
BB | Stable | bbb- | Strong | Aggressive | Sloan Millman, CFA, FRM |
DPL Inc. |
BB | Stable | bb- | Strong | Highly Leveraged | Sloan Millman, CFA, FRM |
Entergy New Orleans LLC |
BB | Developing | bb | Satisfactory | Significant | Omar El Gamal, CFA |
System Energy Resources Inc. |
BB | Negative | bb- | Satisfactory | Intermediate | Omar El Gamal, CFA |
Pacific Gas & Electric Co. |
BB- | Positive | bb- | Satisfactory | Significant | Daria Babitsch |
PG&E Corp. |
BB- | Positive | bb- | Satisfactory | Significant | Gerrit W Jepsen, CFA |
Centuri Group Inc. |
B+ | Developing | b+ | Weak | Aggressive | Mayur Deval |
Hawaiian Electric Co. Inc. |
B- | WatchNeg | b- | Fair | Aggressive | Ruchi Agrawal |
Hawaiian Electric Industries Inc. |
B- | WatchNeg | b- | Fair | Aggressive | Ruchi Agrawal |
This report does not constitute a rating action.
Primary Credit Analyst: | Paul Montiel, New York; paul.montiel@spglobal.com |
Secondary Contacts: | Gabe Grosberg, New York + 1 (212) 438 6043; gabe.grosberg@spglobal.com |
Gerrit W Jepsen, CFA, New York + 1 (212) 438 2529; gerrit.jepsen@spglobal.com | |
Obioma Ugboaja, New York + 1 (212) 438 7406; obioma.ugboaja@spglobal.com | |
Matthew L O'Neill, New York + 1 (212) 438 4295; matthew.oneill@spglobal.com | |
William Hernandez, Dallas + 1 (214) 765-5877; william.hernandez@spglobal.com | |
Sloan Millman, CFA, FRM, New York + 1 (212) 438 2146; sloan.millman@spglobal.com | |
Omar El Gamal, CFA, Toronto +1 4165072523; omar.elgamal@spglobal.com | |
Mayur Deval, Toronto (1) 416-507-3271; mayur.deval@spglobal.com | |
Ruchi Agrawal, Toronto +14372252983; ruchi.agrawal@spglobal.com | |
Beverly R Gantt, New York + 1 (212) 438 1696; beverly.gantt@spglobal.com | |
Shiny A Rony, Toronto +1-437-247-7036; shiny.rony@spglobal.com | |
Daria Babitsch, New York 917-574-4573; daria.babitsch1@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.