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Industry Report Card: U.S. Electric Utility Sector's Liquidity Remains Adequate In Third-Quarter 2009 Sep 09
Standard & Poors, Sep 2009
Abstract
As the fourth quarter of 2009 approaches, credit quality for U.S. regulated electric utilities continues to be solidly investment grade with 78% of the industry carrying stable outlooks. In 2008, electric utilities maintained access in a marketplace that suffered through a credit crunch and related turmoil; this trend has carried on throughout 2009. Investor appetite for electric utility debt remains strong; recent pricing for first mortgage bonds has been in a narrow spread. Given the amount of spending and debt refinancings the industry has in coming years, access to debt markets is important factor for credit quality. Liquidity positions remain adequate for the industry, although some margin posting related to lower natural gas prices has occurred in 2009. Credit facility...
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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