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Industry Report Card: Amid Recession And Energy Policy Debate, U.S. Electric Utility Sector Holds Steady In Second-Quarter 2009 Jun 09
Standard & Poors, June 2009
Abstract
Issuance for the U.S. regulated electric utilities remained buoyant in the second quarter of 2009, albeit at a more tepid pace than in the first quarter of 2009. Approaching the half-point of the year, the sector had a slight increase in issuance than in 2008 with nearly $25 billion in debt rated. A shift by investors seeking yield widened spreads for investment-grade electric issuance at the end of the quarter. Still, investor appetite for secured electric first mortgage debt remained hearty, with deals continuing to be oversubscribed. Several service territories experienced slack demand due to recessionary decline, pressuring cash flows and debt balances. The Energy Information Administration estimates that electricity consumption in the U.S. will fall by 1.8% for 2009...
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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