Fitch Withdraws Various NU Subsidiaries' Rtgs; Debt Retirement.Business Editors NEW YORK--(BUSINESS WIRE)--July 6, 2001 Fitch withdraws its ratings on certain securities of Northeast Utilities' (NU) subsidiaries that have been fully retired as of June 30, 2001. Following the completion of the Millstone millstone Either of two flat, round stones used for grinding grain to make flour. The stationary bottom stone is carved with shallow grooved channels that radiate from the centre. The upper stone rotates horizontally, and has a central hole through which grain is poured. nuclear station sale (to Dominion Resources, Inc.) and the issuance of securitization bonds, several of NU's subsidiaries utilized a large portion of the proceeds to reduce debt outstanding by an aggregate of approximately 50%. As a result, the following credit ratings are withdrawn: Public Service Company of New Hampshire (PSNH PSNH Public Service of New Hampshire PSNH Portsmouth, New Hampshire ) --Preferred stock (formerly rated `BB+'). Western Massachusetts Electric Company (see separate press release, "Fitch Upgr Western Mass Electric's Sr Unsec Debt To `BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. +'") --First mortgage bonds (formerly rated `BBB+'); --Preferred stock (formerly rated `BBB-`). North Atlantic Energy Corporation (NAEC See Novell certification. ) --First mortgage bonds (formerly rated `BB+'). CL&P Capital L.P. (wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CL&P) --Cumulative monthly income preferred securities (formerly rated `BBB-`). |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion