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Rating Action:

Moody's Assigns Counterparty Ratings to 44 Electric Utilities

11 May 1995
Moody's Assigns Counterparty Ratings to 44 Electric Utilities New York, 05-11-95 -- Moody's is assigning counterparty ratings to 44 U.S. issuers in the electric utility industry. The rating actions are part of an existing program to assess the creditworthiness of U.S. corporations engaging in financial and commodity derivatives transactions. Over the next several months, Moody's plans to expand its Counterparty ratings system to include all U.S. corporates.

Counterparty ratings address the financial capacity of a specific obligor to meet its financial contracts. Moody's corporate Counterparty ratings use the rating agency's well-known "Aaa-through-C" rating symbols. In the U.S., claims derived from counterparty activity are typically equivalent to those of a senior unsecured debt holder. As a result, barring unusual circumstances, counterparty ratings will be placed at the same level as other senior unsecured debt of the issuer for the 44 utilities affected by these rating assignments. In those cases where Moody's believes the entity is active in the derivatives market, but insufficient information is available to assess the relative creditworthiness of that entity or the nature of any support, Moody's may assign an "NR" designation. The ratings will be continuously monitored, and will be publicly available to market participants globally.

While many utilities make limited use of the derivatives markets at this time, Moody's anticipates that deregulation and increased competition will make interest and fuel expenses more difficult to simply pass through as higher rates. Therefore, Moody's believes the use of derivative markets to hedge various financial and commodity exposure will become increasingly common in the electric utility industry.
The following counterparty ratings are assigned:

Issuer Counterparty Rating

Arizona Public Service Company Baa3
Central Louisiana Electric Company A3
Central Maine Power Company* Baa3
Commonwealth Edison Company Baa3
Consumers Power Company Ba1
Connecticut Light & Power Baa2
Detroit Edison Company Baa1
EUA Cogenex Corporation Baa3
Eastern Edison Company Baa2
Empire District Electric A2
Hawaiian Electric Company Baa1
Interstate Power Company A2
Madison Gas & Electric Aa3
Minnesota Power & Light Baa1
Monongahela Power Company A2
Montana Power Company Baa2
Nevada Power Company Baa3
Northeast Utilities Ba1
Northern Indiana Public Service Co. Baa1
Northern States Power Company** A2
Pacific Gas & Electric Company A3
PacifiCorp A3
Portland General Corporation Baa2
Potomac Edison Company A2
Public Service Company of Colorado Baa2
Public Service of New Hampshire Ba1
Public Service of New Mexico Ba3
Public Service of Oklahoma A1
San Diego Gas & Electric A2
Sierra Pacific Power Baa1
Southern California Edison A3
Tampa Electric Company Aa3
Texas-New Mexico Power Company B1
Texas Utilities Electric Company Baa3
Tucson Electric Power Company B3
Union Electric Company A2
United Illuminating Company Baa3
Utilicorp United Ba1
Virginia Electric & Power Company A3
Washington Water Power Company Baa1
Western Resources Baa1
West Penn Power Company A3
West Texas Utilities Company A1
Western Massachusetts Electric Baa2

*On review for possible downgrade
**On review for possible upgrade
No Related Data.
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