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Credit Quality Trends And Outlooks For Electric Utilities Around The World Are Mixed, But Mostly Stable Dec 10 Product Image

Credit Quality Trends And Outlooks For Electric Utilities Around The World Are Mixed, But Mostly Stable Dec 10

  • Published: December 2010
  • Region: Global
  • Standard & Poors

FEATURED COMPANIES

  • AEP Texas Central Co.
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Abstract
Credit quality trends continued to be somewhat mixed for rated global utilities well into 2010. This largely stems from the diversity of market structures (e.g., regulated versus restructured), which makes this sector far from a homogenous group. Because utilities produce power locally and their customers consume it locally, a utility's success ties into its unique macroeconomic and operating environment. Furthermore, utilities have different ownership structures, varying government support, and very diverse regulatory regimes. Credit quality is generally stable in countries such as the U.S., Canada, Australia, and New Zealand, or is even improving in regions like Latin America. In Europe, utility credit quality has a slightly negative bias, owing to the economic downturn, slack demand, particularly in the industrial sector,...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, READ MORE >

- Arkansas Elec Coop Corp
- Hoosier Energy Rural Elec Coop Inc
- Pedernales Elec Coop Inc
- Chugach Elec Assoc
- Alabama Power Co.
- Allegheny Energy Inc.
- American & Foreign Power Inc.
- Appalachian Power Co.
- Arizona Public Service Co.
- Entergy Arkansas Inc.
- Atlantic City Electric Co.
- Baltimore Gas & Electric Co.
- NSTAR Electric Co.
- Cambridge Electric Light Co.
- Duke Energy Progress Inc.
- Central and South West Corp.
- Central Hudson Gas & Electric Corp.
- Central Illinois Light Co.
- Ameren Illinois Co.
- Cleco Power LLC
- Central Maine Power Co.
- AEP Texas Central Co.
- Central Vermont Public Service Corp.
- Cleveland Electric Illuminating Co.
- Columbus & Southern Ohio Electric Co.
- Commonwealth Edison Co.
- Commonwealth Electric Co.
- Connecticut Light & Power Co.
- Consumers Energy Co.
- Dayton Power & Light Co.
- DTE Electric Co.
- Duke Energy Corp.
- Duquesne Light Co.
- El Paso Electric Co.
- Electricite de France S.A.
- Empire District Electric Co.
- Florida Power & Light Co.
- Duke Energy Florida Inc.
- Florida Progress Corp.
- Georgia Power Co.
- Gulf Power Co.
- Hawaiian Electric Co. Inc.
- Hawaiian Electric Industries Inc.
- Idaho Power Co.
- Illinois Power Co.
- Indiana Michigan Power Co.
- Indianapolis Power & Light Co.
- Iowa-Illinois Gas & Electric Co.
- Jersey Central Power & Light Co.
- Kansas City Power & Light Co.
- Kansas Gas & Electric Co.
- Westar Energy Inc.
- Kentucky Power Co.
- Kentucky Utilities Co.
- Louisville Gas & Electric Co.
- Massachusetts Electric Co.
- Metropolitan Edison Co.
- ALLETE Inc.
- Mississippi Power Co.
- Monongahela Power Co.
- Narragansett Electric Co.
- Nevada Power Co.
- National Grid USA
- New England Power Co.
- Niagara Mohawk Power Corp.
- Northern Indiana Public Service Co.
- Northern States Power Co.
- Northern States Power Wisconsin
- Ohio Edison Co.
- Ohio Power Co.
- Oklahoma Gas & Electric Co.
- Orange and Rockland Utilities Inc.
- Pacific Gas & Electric Co.
- PacifiCorp
- Pennsylvania Electric Co.
- PPL Electric Utilities Corp.
- Pennsylvania Power Co.
- PECO Energy Co.
- Portland General Electric Co.
- Potomac Edison Co.
- Potomac Electric Power Co.
- Public Service Co. of Colorado
- Public Service Co. of New Hampshire
- Public Service Co. of New Mexico
- Public Service Co. of Oklahoma
- Public Service Electric & Gas Co.
- Rochester Gas & Electric Corp.
- Rockland Electric Co.
- St. Joseph Light & Power Co.
- Savannah Electric & Power Co.
- Sierra Pacific Power Co.
- South Carolina Electric & Gas Co.
- Southern California Edison Co.
- Southern Electric Generating Co.
- Southern Indiana Gas & Electric Co.
- Southwestern Electric Power Co.
- Southwestern Public Service Co.
- Tampa Electric Co.
- Texas-New Mexico Power Co.
- Toledo Edison Co.
- Tucson Electric Power Co.
- Union Electric Co. d/b/a Ameren Missouri
- The United Illuminating Co.
- Utah Power & Light Co.
- Virginia Electric & Power Co.
- West Penn Power Co.
- AEP Texas North Co.
- Western Massachusetts Electric Co.
- Wisconsin Electric Power Co.
- Wisconsin Power & Light Co.
- Wisconsin Public Service Corp.
- Ohio Valley Electric Corp.
- Wisconsin Electric Fuel Trust
- American Electric Power Co. Inc.
- CenterPoint Energy Houston Electric LLC
- KCP&L Greater Missouri Operations Co.
- Green Mountain Power Corp.
- Korea Electric Power Corp.
- NV Energy Inc.
- CILCORP Inc.
- IPALCO Enterprises Inc.
- TNP Enterprises Inc.
- PacifiCorp Group Holdings Co.
- NextEra Energy Capital Holdings Inc.
- System Energy Resources Inc.
- Tokyo Electric Power Co. Inc.
- Black Hills Power Inc.
- DPL Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Northeast Utilities
- Southern Co.
- Maui Electric Co. Ltd.
- Hawaii Electric Light Co. Inc.
- Pinnacle West Capital Corp.
- Columbus Southern Power Co.
- CTC Mansfield Funding Corp.
- Edison International
- Duquesne Light Holdings Inc.
- EDF Energy PLC
- Western Power Distribution (East Midlands) PLC
- LG&E and KU Energy LLC
- Chubu Electric Power Co. Inc.
- Western Power Distribution (South Wales) PLC
- Endesa S.A.
- E.ON Sverige AB
- Northern Powergrid (Yorkshire) PLC
- Western Power Distribution (South West) PLC
- Electricity North West Ltd.
- Chugoku Electric Power Co. Inc.
- E.ON U.K. PLC
- Shikoku Electric Power Co. Inc.
- Vattenfall AB
- PNPP II Funding Corp.
- SSE PLC
- CLP Power Hong Kong Ltd.
- Iberdrola S.A.
- Scottish Power U.K. PLC
- Vattenfall Treasury AB
- PVNGS II Funding Corp. Inc.
- Verbund AG
- EVN AG
- CEZ a.s.
- Tenaga Nasional Bhd.
- PECO Energy Capital L.P.
- Penelec Capital
- Met-Ed Capital L.P.
- Illinova Corp.
- PacifiCorp Delaware LP
- ESKOM Holdings SOC Ltd.
- E.ON SE
- Cinergy Corp.
- JC P&L Capital L.P.
- Nuon Power Generation B.V.
- MidAmerican Energy Co.
- Public Power Corp. S.A.
- Ohio Edison Financing Trust
- PPL Corp.
- Ohio Edison Financing Trust II
- PacifiCorp Capital I
- Sierra Pacific Power Capital I
- EDF Energy Investments
- EDF Energy Nuclear Generation Group Ltd.
- Statnett SF
- Vermont Elec Coop Inc
- Israel Electric Corp. Ltd.
- Powergen (East Midlands) Investments
- Mosenergo (AO)
- Cheung Kong Infrastructure Holdings Ltd.
- Tata Power Co. Ltd.
- Hrvatska Elektroprivreda d.d.
- Landsvirkjun
- Yorkshire Power Group Ltd.
- Northern Powergrid Holdings Co.
- Fingrid Oyj
- Conectiv
- Irkutskenergo, AO EiE
- California Independent System Operator Corp.
- Enemalta Corp.
- FirstEnergy Corp.
- Kazakhstan Electricity Grid Operating Co. (JSC)
- Hongkong Electric Co. Ltd.
- Electricity Generating Authority of Thailand
- Taiwan Power Co.
- Hokkaido Electric Power Co. Inc.
- Hokuriku Electric Power Co.
- Kansai Electric Power Co. Inc.
- Kyushu Electric Power Co. Inc.
- Tohoku Electric Power Co. Inc.
- IDACORP Inc.
- National Grid Holdings One PLC
- PPL WW Holdings Ltd.
- Fortum Power & Heat AB
- Hydro One Inc.
- Manila Electric Co.
- EDP - Energias de Portugal S.A.
- Cleco Corp.
- KELAG
- Southern Co. Services Inc.
- Graninge AB
- Powergen U.S. Holdings Ltd.
- Powergen Ltd.
- Enel SpA
- Midcontinent Independent System Operator, Inc
- CLP Holdings Ltd.
- Union Fenosa S.A.
- DONG Energy Power A/S
- RWE Npower PLC
- Exelon Corp.
- Red Electrica Corporacion S.A.
- Progress Energy Inc.
- Vectren Capital Corp.
- EnBW Energie Baden-Wuerttemberg AG
- Mighty River Power Ltd.
- Caribbean Utilities Co. Ltd.
- Southern Company Funding Corp.
- American Transmission Co.
- Fortis Inc.
- Elkraft Transmission amba
- Elkraft System amba
- Eltra amba
- Meridian Energy Ltd.
- Cobb Elec Membership Corp
- CU Inc.
- Origin Energy Ltd.
- Great Plains Energy Inc.
- E.ON Energy Solutions Ltd.
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
- Scottish Hydro-Electric Power Distribution Ltd.
- Scottish Power Investments Ltd.
- Scottish Power Energy Retail Ltd.
- Scottish Power Generation Ltd.
- SP Transmission Ltd.
- SP Manweb PLC
- Diverse Pwr Inc
- Oncor Electric Delivery Co. LLC
- Texas Competitive Electric Holdings Co. LLC
- Genesis Energy Ltd.
- Korea Western Power Co. Ltd.
- Northern Powergrid (Northeast) Ltd.
- Interstate Power & Light Co.
- Toronto Hydro Corp.
- Hamilton Utilities Corp.
- Michigan Electric Transmission Co.
- PEPCO Holdings Inc.
- PacifiCorp Holdings Inc.
- Korea Hydro & Nuclear Power Co. Ltd.
- Korea Southern Power Co. Ltd.
- Eesti Energia AS
- RAO UES of Russia
- Yorkshire Electricity Group PLC
- Fortum Oyj
- C.N. Transelectrica S.A.
- Korea Midland Power Co. Ltd.
- Stadtwerke Duesseldorf AG
- International Transmission Co.
- ITC Holdings Corp.
- AltaLink L.P.
- PNM Resources Inc.
- Scottish Power Ltd.
- Electric Power Development Co. Ltd.
- TPP Maritsa East 2 EAD
- Elia System Operator S.A./N.V.
- Federal Grid Co. of the Unified Energy System
- Terna SpA
- Statkraft AS
- Natsionalna Elektricheska Kompania EAD
- S.C. Hidroelectrica S.A.
- Texas Genco LLC
- EnergyAustralia Holdings Ltd.
- Okinawa Electric Power Co. Inc.
- Mirant North America LLC
- Korea South East Power Co. Ltd.
- RTE Reseau de Transport d Electricite
- Statkraft Energi AS
- PT Perusahaan Listrik Negara (Persero)
- AGL Energy Ltd.
- Scottish Power U.K. Holdings Ltd.
- FirstEnergy Solutions Corp.
- Saudi Electric Co.
- PT Cikarang Listrindo
- RusHydro (OJSC)
- ITC Midwest LLC
- Red Electrica de Espana S.A.U.
- Moscow Integrated Power Co. JSC
- Companhia Energetica de Minas Gerais S.A.
- Companhia Energetica do Ceara - Coelce
- Otter Tail Power Co.
- Atomic Energy Power Corp. JSC

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