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BULLETIN: Power Outage in New York State Does Not Affect Local Utility Credit Quality Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 18, 2003--Standard & Poor's Ratings Services noted today that it does not expect the recent power outage that affected New York State to adversely affect the credit quality of the New York utilities Consolidated Edison Inc. (A/Stable/A-1), Energy East Corp. (BBB+/Negative/--), Niagara Mohawk Power Corp. (A/Stable/--) and Central Hudson Gas & Electric Corp. (A/Stable/--). Although they are responsible for maintaining and upgrading their distribution and transmission networks, these utilities are no longer involved in generating electricity and, more importantly, do not appear to be the source of the power failure, based on currently available information. Furthermore, their efforts to restore electricity to their customers in a timely manner should generate a measure of goodwill...
Companies mentioned in this report are: Consolidated Edison Inc.,Central Hudson Gas & Electric Corp.,Niagara Mohawk Power Corp.,Iberdrola USA
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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