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Industry Report Card: U.S. Electric Utility Sector Performed Well In First Quarter Of 2009 Mar 09
Standard & Poors, March 2009
Abstract
Against a strong headwind in the credit markets, the regulated U.S. electric utility sector performed well during the first quarter of 2009. Highlights include continued capital market access with robust debt issuance by operating companies in this quarter. March 2009 issuance volume exceeded the combined first two months of 2009; through the first quarter of 2009 issuance exceeded $16 billion, about 25% more than the same 2008 period. Several companies have proactively prefunded issuance in advance of maturities, taking advantage of investor appetite and favorable spreads as compared to investment-grade issuers in other sectors. In response to recessionary pressures and slowing demand, many companies have pared back discretionary spending and growth plans. This moderating of capital expenditure programs should ease...
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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