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ARCHIVE | Criteria | Corporates | Utilities: Keys to Success for U.S. Electricity Transmission and Distribution Companies Mar 04
Standard & Poors, March 2004
Abstract
Standard & Poor's Ratings Services views the business risk of U.S. electric transmission and distribution (T&D) companies as generally low relative to their integrated peers. This is attributable to the protections afforded by regulation, relatively low operating risk, and the absence of meaningful competition. As a result, Standard & Poor's has assigned business profile scores to T&D companies in the upper range of a 10-point scale (where '1' indicates lowest risk and '10' highest risk). Nearly all T&D companies have business profile scores of between '1' and '3', but some fall below '3' and only a few will be given a '1'. Although most T&D companies are likely to be rated as strong investment grade on a stand-alone basis, based...
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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