Horizon Holdings Inc.
Standard & Poors
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, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Monopoly electricity distribution assets Regulated cash flows Efficient, low-cost electricity distributor Limited customer concentration Expected moderate increase in contribution from unregulated business and higher leverage Mature service territory with limited demand growth and exposure to cyclical industries Lack of access to equity markets The ratings on Horizon Holdings Inc. (HHI) reflect what Standard & Poor's Ratings Services views as the excellent business risk profile of the company's key subsidiary, Horizon Utilities Corp. (Horizon or the utility; not rated), which is the low-risk regulated monopoly electricity distribution business (local distribution company [LDC]). The LDC benefits from supportive regulation and predictable operating cash flow. The ratings also reflect our expectation that the added capital expenditure requirements could result in higher debt in...
Companies mentioned in this report are: Horizon Holdings Inc.
Action: Review
Horizon Holdings Inc.
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