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American Transmission Co. May 11
Standard & Poors, May 2011
Abstract
Low operating risk; Effective management of regulatory risk; and Steady, predictable cash flow. Lack of clarity with regard to growth strategy. The ratings on electric transmission company American Transmission Co. (ATC) reflect its excellent business risk profile and intermediate financial risk profile. ATC, a privately held company, owns and operates 9,400 miles of transmission lines in Wisconsin, Michigan, Minnesota, and Illinois. As of March 31, 2010, Waukesha, Wis.-based ATC had about $1.5 billion of total debt outstanding. The excellent business profile reflects ATC's low operating risk and its effective management of regulatory risk. (For more on our assessment of business risk and financial risk, see 'Business Risk/Financial Risk Matrix Expanded,' published May 27, 2009, on RatingsDirect on the Global Credit...
Companies mentioned in this report are: American Transmission Co.,Duke Energy Corp.
Action: Review
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: Full Analysis
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