Research And Markets Research And Markets

First-Quarter U.S. Utility Upgrades Outpaced Downgrades, But Momentum Is Likely To Change Apr 06

  • ID: 1921393
  • April 2006
  • Region: United States
  • Standard & Poors
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  • Allegheny Energy Inc.
  • Black Hills Corp.
  • DCP Midstream LLC
  • Idaho Power Co.
  • National Grid PLC
  • ONEOK Inc.
  • MORE

Rating actions in the U.S. investor-owned utility industry (electric, gas, pipeline, and water companies) during the first quarter of 2006 closely mirrored that of last year's first three months. Since Jan. 1, 2006, Standard & Poor's Ratings Services recorded 11 upgrades (six of which relate to Allegheny Energy Inc.) of holding companies and operating subsidiaries, compared with just two downgrades. (See chart 1.) The principal drivers of the upside rating activity were improving financial measures in conjunction with strong business profiles, and the acquisition of a financially stronger entity. Although upgrades dominated this quarter, we do not expect this upward momentum to continue in light of the various business and financial pressures many companies face, and given the numerous new...

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
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- Allegheny Energy Inc.
- Berkshire Hathaway Inc.
- Delmarva Power & Light Co.
- Dominion Resources Inc.
- Empire District Electric Co.
- EQT Corp.
- United Water Resources Inc.
- Aquarion Co.
- Idaho Power Co.
- Montana-Dakota Utilities Co.
- Northern Natural Gas Co.
- Northwest Natural Gas Co.
- NorthWestern Corp.
- ONEOK Inc.
- PacifiCorp
- Portland General Electric Co.
- Potomac Electric Power Co.
- Public Service Co. of New Mexico
- Southern Union Co.
- Texas-New Mexico Power Co.
- Tucson Electric Power Co.
- Wisconsin Public Service Corp.
- MDU Resources Group Inc.
- Peoples Energy LLC
- Black Hills Power Inc.
- CMS Energy Corp.
- Berkshire Hathaway Energy Company
- TransCanada PipeLines Ltd.
- Kelda Group Ltd.
- Suez S.A.
- Transwestern Pipeline Co LLC
- Alliant Energy Resources LLC
- Integrys Energy Group Inc.
- Buckeye Partners L.P.
- Alliant Energy Corp.
- KeySpan Corp.
- Northern Border Pipeline Co.
- DCP Midstream LLC
- ONEOK Partners L.P.
- Black Hills Corp.
- National Grid PLC
- PEPCO Holdings Inc.
- PNM Resources Inc.
- Southern Star Central Gas Pipeline Inc.
- Southern Star Central Corp.

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Note: Product cover images may vary from those shown