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Related Issuers
AEP Texas Central Company
AEP Texas North Company
Alabama Power Company
ALLETE, Inc.
Alliant Energy Corporation
Ameren Corporation
Ameren Illinois Company
American Electric Power Company, Inc.
American Transmission Company LLC
Appalachian Power Company
Arizona Public Service Company
Atlanta Gas Light Company
Atlantic City Electric Company
Atmos Energy Corporation
Avista Corp.
Baltimore Gas and Electric Company
Bay State Gas Company
Berkshire Gas Company
Berkshire Hathaway Energy Company
Black Hills Corporation
Black Hills Power, Inc.
CenterPoint Energy Houston Electric, LLC
CenterPoint Energy, Inc.
Central Hudson Gas & Electric Corporation
Central Maine Power Company
Cleco Corporation (OLD)
Cleco Power LLC
CMS Energy Corporation
Commonwealth Edison Company
Connecticut Light and Power Company (The)
Connecticut Natural Gas Corporation
Consolidated Edison Company of New York, Inc.
Consolidated Edison, Inc.
Consumers Energy Company
Delmarva Power & Light Company
Dominion Energy Gas Holdings, LLC
Dominion Energy Questar Corporation
Dominion Energy, Inc.
Dominion Gas Holdings (OLD)
DTE Electric Company
DTE Energy Company
DTE Gas Company
Duke Energy Carolinas, LLC
Duke Energy Corporation
Duke Energy Florida, LLC.
Duke Energy Indiana, LLC.
Duke Energy Kentucky, Inc.
Duke Energy Progress, LLC
Duquesne Light Company
Duquesne Light Holdings, Inc.
Edison International
EL Investment Company, LLC
El Paso Electric Company
Elm Road Generating Station Supercritical
Empire District Electric Company (The)
Entergy Arkansas, LLC
Entergy Gulf States Louisiana, LLC
Entergy Mississippi, LLC
Entergy Texas, Inc.
Evergy Kansas Central, Inc.
Evergy Metro, Inc.
Evergy Missouri West, Inc.
Evergy, Inc.
Eversource Energy
Florida Power & Light Company
Gulf Power Company
Hawaiian Electric Company, Inc.
Hawaiian Electric Industries, Inc.
IDACORP, Inc.
Idaho Power Company
Indiana Gas Company, Inc.
Indiana Michigan Power Company
Indianapolis Power & Light Company
Integrys Energy Group, Inc.
International Transmission Company
IPALCO Enterprises, Inc.
ITC Great Plains LLC
ITC Holdings Corp.
ITC Midwest LLC
Kentucky Power Company
Kentucky Utilities Co.
LG&E and KU Energy LLC
Louisville Gas & Electric Company
Madison Gas and Electric Company
Michigan Electric Transmission Company, LLC
MidAmerican Energy Company
MidAmerican Funding, LLC
Nevada Power Company
New Jersey Natural Gas Company
New York State Electric and Gas Corporation
NiSource Capital Markets, Inc.
NiSource Finance Corporation
NiSource Inc.
North Shore Gas Company
Northern Illinois Gas Company
Northern Indiana Public Service Company
Northern States Power Company (Minnesota)
Northern States Power Company (Wisconsin)
NorthWestern Corporation
NSTAR Electric Company
NV Energy Inc.
OGE Energy Corp.
Oklahoma Gas & Electric Company
Orange and Rockland Utilities, Inc.
Otter Tail Corporation
Otter Tail Power Company
PacifiCorp
PECO Energy Company
Peoples Gas Light and Coke Company
Pepco Holdings, LLC
Piedmont Natural Gas Company, Inc.
Pinnacle West Capital Corporation
Pivotal Utility Holdings, Inc.
PNG Companies LLC
PNM Resources, Inc.
Portland General Electric Company
Potomac Electric Power Company
PPL Corporation
PPL Electric Utilities Corporation
Progress Energy, Inc.
Public Service Company of Colorado
Public Service Company of New Hampshire
Public Service Company of New Mexico
Public Service Company of Oklahoma
Public Service Electric and Gas Company
Puget Energy, Inc.
Puget Sound Energy, Inc.
Questar Gas Company
Rochester Gas & Electric Corporation
San Diego Gas & Electric Company
SEMCO Energy, Inc.
Sierra Pacific Power Company
SourceGas LLC
South Jersey Gas Company
Southern California Edison Company
Southern California Gas Company
Southern Company Gas
Southern Company Gas Capital
Southern Connecticut Gas Company
Southern Indiana Gas & Electric Company
Southwest Gas Corporation
Southwestern Electric Power Company
Southwestern Public Service Company
Spire Inc.
Spire Missouri Inc.
Superior Water, Light and Power Company
Tampa Electric Company
TECO Energy, Inc.
Texas-New Mexico Power Company
Tucson Electric Power Company
UGI Utilities, Inc.
UIL Holdings Corporation
Union Electric Company
United Illuminating Company
UNS Electric, Inc.
UNS Energy Corporation
UNS Gas, Inc.
Vectren Utility Holdings, Inc.
Virginia Electric and Power Company
Washington Gas Light Company
WEC Energy Group, Inc.
Western Massachusetts Electric Company
WGL Holdings, Inc.
Wisconsin Electric Power Company
Wisconsin Gas LLC
Wisconsin Power and Light Company
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Xcel Energy Inc.
Yankee Gas Services Company
Rating Action:

Moody's places ratings of most US regulated utilities on review for upgrade

08 Nov 2013

Approximately $400 billion of debt affected

New York, November 08, 2013 -- Moody's Investors Service placed the ratings of most regulated utilities and utility holding companies in the United States on review for upgrade, affecting approximately $400 billion of debt. These companies have been placed on review because Moody's has adopted a generally more favorable view of the relative credit supportiveness of the US regulatory environment, as detailed in our September 23, 2013 Request for Comment: "Proposed Refinements to the Regulated Utilities Rating Methodology and our Evolving View of US Utility Regulation."

RATINGS RATIONALE

"Our placement of these issuers on review considers improving regulatory trends in the US, including better cost recovery provisions, reduced regulatory lag, and generally fair and open relationships between utilities and regulators, " said Moody's Managing Director Larry Hess. We believe that many US regulatory jurisdictions have become more credit supportive of utilities over time and that our assessment of the regulatory environment that has been incorporated into ratings may now be overly conservative.

The US utility sector's low number of defaults, high recovery levels, and generally strong financial metrics from a global perspective provide additional corroboration for our view that ratings should generally be higher.

We expect that most upgrades will be limited to one notch, and that the reviews of the affected companies will be completed within approximately 90 days. Although we anticipate that most of the utilities placed under review will be upgraded, there may be selected instances where ratings will not be upgraded following the completion of our review.

We note that several regulated utilities and utility holding companies were not placed on review due to issuer specific circumstances that would preclude an upgrade at this time. These exclusions include utilities that are engaged in substantial construction programs for new generation or other large capital projects, currently have a Negative Outlook or are under potential downward rating pressure, are characterized by material concentration or event risk, face market or regulatory risks specific to their particular jurisdictions, or are part of a corporate family that has significant non-utility operations.

The following companies were placed on review for upgrade:

AEP Texas Central Company

AEP Texas North Company

AGL Capital Corporation

AGL Resources Inc.

Atlanta Gas Light Company

Alabama Power Company

ALLETE, Inc.

Alliant Energy Corporation

Ameren Corporation

Ameren Illinois Company

American Electric Power Company, Inc.

American Transmission Company LLC

Appalachian Power Company

Arizona Public Service Company

Atlanta Gas Light Company

Atlantic City Electric Company

Atmos Energy Corporation

Avista Corp.

Baltimore Gas and Electric Company

Berkshire Gas Company

Black Hills Corporation

Black Hills Power, Inc.

CenterPoint Energy Houston Electric, LLC

CenterPoint Energy, Inc.

Central Hudson Gas & Electric Corporation

Central Maine Power Company

Cleco Corporation

Cleco Power LLC

CMS Energy Corporation

Commonwealth Edison Company

Connecticut Light and Power Company

Connecticut Natural Gas Corporation

Consolidated Edison Company of New York, Inc.

Consolidated Edison, Inc.

Consumers Energy Company

Delmarva Power & Light Company

Dominion Resources

Dominion Gas Holdings

DTE Electric Company

DTE Energy Company

DTE Gas Company

Duke Energy Carolinas, LLC

Duke Energy Corp.

Duke Energy Florida, Inc.

Duke Energy Indiana, Inc.

Duke Energy Kentucky, Inc.

Duke Energy Progress, Inc.

Duquesne Light Company

Duquesne Light Holdings, Inc.

Edison International

Elm Road Generating Station Supercritical

El Paso Electric Company

Empire District Electric Company (The)

Entergy Arkansas, Inc.

Entergy Gulf States Louisiana, LLC

Entergy Louisiana, LLC

Entergy Mississippi, Inc.

Entergy Texas, Inc.

Florida Power & Light Company

Great Plains Energy Incorporated

Gulf Power Company

Hawaiian Electric Company

Hawaiian Electric Industries, Inc.

IDACORP, Inc.

Idaho Power Company

Indiana Gas Company, Inc.

Indiana Michigan Power Company

Indianapolis Power & Light Company

Integrys Energy Group, Inc.

International Transmission Company

IPALCO Enterprises, Inc.

ITC Great Plains LLC

ITC Holdings Corp.

ITC Midwest LLC

Kansas City Power & Light Company

Kansas City Power & Light Greater MO Oper

Kentucky Power Company

Kentucky Utilities Co.

Laclede Gas Company

Laclede Group, Inc. (The)

LG&E and KU Energy LLC

Louisville Gas & Electric

Madison Gas and Electric Company

Michigan Electric Transmission Company, LLC

MidAmerican Energy Holdings Company

MidAmerican Energy Company

Nevada Power Company

New Jersey Natural Gas Company

New York State Electric and Gas Corporation

NiSource Capital Markets, Inc.

NiSource Finance Corp.

NiSource Inc.

North Shore Gas Company

Northeast Utilities

Northern Illinois Gas Company

Northern Indiana Public Service Company

Northern States Power Company (Minnesota)

Northern States Power Company (Wisconsin)

NorthWestern Corporation

NSTAR Electric Company

NV Energy Inc.

OGE Energy Corp.

Oklahoma Gas & Electric Company

Orange and Rockland Utilities, Inc.

Otter Tail Corporation

Otter Tail Power Company

PacifiCorp

PECO Energy Company

Peoples Gas Light and Coke Company

Pepco Holdings, Inc.

Piedmont Natural Gas Company, Inc.

Pinnacle West Capital Corporation

Pivotal Utility Holdings

PNG Companies LLC

PNM Resources, Inc.

Portland General Electric Company

Potomac Electric Power Company

PPL Corporation

PPL Electric Utilities Corporation

Progress Energy, Inc.

Public Service Company of Colorado

Public Service Company of New Hampshire

Public Service Company of New Mexico

Public Service Company of Oklahoma

Public Service Electric and Gas Company

Puget Energy, Inc.

Puget Sound Energy, Inc.

Questar Corporation

Questar Gas Company

Rochester Gas & Electric Corporation

San Diego Gas & Electric Company

SEMCO Energy, Inc.

Sierra Pacific Power Company

SourceGas LLC

South Jersey Gas Company

Southern California Edison Company

Southern California Gas Company

Southern Connecticut Gas Company

Southern Indiana Gas & Electric Company

Southwest Gas Corporation

Southwestern Electric Power Company

Southwestern Public Service Company

Superior Water, Light and Power Company

Tampa Electric Company

TECO Energy, Inc.

Texas-New Mexico Power Company

Tucson Electric Power Company

UGI Utilities, Inc.

UIL Holdings Corporation

Union Electric Company

United Illuminating Company

UNS Electric, Inc.

UNS Energy Corporation

UNS Gas, Inc.

Vectren Utility Holdings, Inc.

Virginia Electric and Power Company

Washington Gas Light Company

Westar Energy, Inc.

Western Massachusetts Electric Company

WGL Holdings, Inc.

Wisconsin Electric Power Company

Wisconsin Energy Corporation

Wisconsin Gas LLC

Wisconsin Power and Light Company

Wisconsin Public Service Corporation

Xcel Energy Inc.

Yankee Gas Services Company

The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Michael G Haggarty
Senior Vice President
Infrastructure Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

William L. Hess
MD - Utilities
Infrastructure Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
Moodys.com