New rating agency downgrades for two CT utilities bring grim forecast for their financial health [Yahoo! Finance]
Moody's Corporation (MCO)
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Source: Yahoo! Finance
because of what it called a “contentious” and “challenged” regulatory environment that has resulted in deep revenue cuts across the industry locally. Moody's Ratings, issuing the latest in what has become a series of downgrades or negative forecasts for state utilities, lowered the Connecticut Natural Gas and Southern Connecticut Gas credit ratings one notch to A3 and Baa1 respectively, with negative outlooks. Moody's said the trigger for the downgrades was a decision by state utility regulators a month ago to cut what the companies are allowed to collect through rates. The credit reductions mean the two Avangrid subsidiaries , the subjects of a separate credit downgrade earlier this month by S&P Global, will pay more for what they borrow to finance operations, costs that will be passed to customers. “The rating actions reflect our expectation for a decline in key financial metrics, for both companies, over the next several years due to final rate orders issued on 18 November 20
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MCO
Earnings
- 10/22/24 - Beat
MCO
Sec Filings
- 12/17/24 - Form 4
- 12/17/24 - Form 4
- 12/17/24 - Form 4
- MCO's page on the SEC website