Fitch Rates PSNH's First Mortgage Bonds 'BBB+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch has assigned a 'BBB+' rating to Public Service Co. of New Hampshire's (PSNH PSNH Public Service of New Hampshire PSNH Portsmouth, New Hampshire ) $50 million issuance of 5.60% first mortgage bonds, series M, due 2035. Proceeds will be used to reduce outstanding short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. and other general corporate purposes. The Rating Outlook is Stable. PSNH's ratings reflect the predictable cash flows of its transmission and distribution operations, the stable regulatory environment in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , and currently strong financial ratios. In accordance with state legislation, PSNH has retained ownership of 1,150 MW of fossil and hydroelectric generating assets to serve its standard offer load and recovers any excess purchased power and fuel costs through its stranded cost recovery charge. Primary credit concerns include the company's increased capital spending needs and its indirect exposure to the credit of its parent, Northeast Utilities (NU). In March 2005, NU announced that it intended to exit the wholesale marketing and energy services businesses. The balance sheet and cash flow impact from these business disposals remains uncertain. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria, and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance, and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion