Fitch Ratings said it has affirmed the debt ratings of Northeast Utilities and its subsidiaries and given each a ‘stable’ outlook.
Both NU and subsidiary Connecticut Power and Light Co. have an issuer default ratings of ‘BBB+,’ which puts them between “good credit quality” and “high credit quality.”
Fitch said NU has a conservative business model with predictable earnings and cash flow. It also said each subsidiary’s financial condition is stable or improving.
Fitch said it is unlikely to upgrade NU to a ‘positive’ outlook in the near term because of rate freezes in Connecticut and Massachusetts, as well as a large capital expenditure program.
