Research And Markets Research And Markets

Downgrades Continue to Dominate U.S. Utility Rating Actions in Third Quarter Oct 03

  • ID: 1787451
  • October 2003
  • Region: United States
  • Standard & Poors
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  • Allegheny Energy Inc.
  • Dynegy Inc.
  • Nevada Power Co.
  • Otter Tail Corp.
  • PSEG Energy Holdings LLC
  • Southwest Gas Corp.
  • MORE

The U.S. utility industry (electric, gas, pipeline, and water companies) continued its downward credit slope that was firmly established in early 2000 in this year's third quarter. The actual number of rating changes, however, actually diminished in recent months following a tumultuous first half. Since July 1, 2003, there have been 21 rating downgrades of holding companies and operating subsidiaries, compared with just one upgrade. For the same period in 2002, there were 57 downgrades and eight upgrades. The third quarter of 2003 also witnessed several new CreditWatch listings (most of which were negative), a few CreditWatch removals with rating affirmations, and one outlook revision to stable from negative. The downside rating actions in the power industry are attributable to...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Allegheny Energy Inc.
- Frontier Communications Corp.
- Pivotal Utility Holdings
- Nevada Power Co.
- New Jersey Natural Gas Co.
- NorthWestern Corp.
- Otter Tail Corp.
- Pacific Gas & Electric Co.
- Potomac Electric Power Co.
- Public Service Electric & Gas Co.
- Sierra Pacific Power Co.
- Southwest Gas Corp.
- Tucson Electric Power Co.
- KCP&L Greater Missouri Operations Co.
- NV Energy Inc.
- TECO Energy Inc.
- Public Service Enterprise Group Inc.
- Aqua America Inc.
- CMS Energy Corp.
- Duquesne Light Holdings Inc.
- LG&E and KU Energy LLC
- NRG Energy Inc.
- FirstEnergy Corp.
- PSEG Energy Holdings LLC
- GenOn Energy Holdings Inc.
- Dynegy Inc.
- Xcel Energy Inc.
- Progress Energy Inc.
- PSEG Power LLC
- RRI Energy Inc.
- Aqua Pennsylvania Inc.
- PEPCO Holdings Inc.

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