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Action items: SCANA gets rating upgrade; Moody's downgrades Avista

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Action items: SCANA gets rating upgrade; Moody's downgrades Avista

S&P Global Market Intelligence presents a periodic rundown of selected ratings actions on energy companies. The changes, confined to upgrades, downgrades and changes in outlook, are listed by announcement date in reverse chronological order.

Dec. 27

* S&P Global Ratings revised its outlook on Innergex Renewable Energy Inc. to negative from stable, based on the company's weak financial metrics in 2018, and affirmed its 'BBB-' long-term issuer credit rating.

* S&P Global Ratings upgraded SCANA Corp. and its subsidiaries and revised its outlook to stable from negative for Dominion Energy Inc. and its subsidiaries on the expected closing of their all-stock merger.

* S&P Global Ratings downgraded its ratings by two notches on Alta Mesa Resources Inc. after the Anadarko Basin-focused driller's announcement that it is replacing its senior management team, coupled with its failure to achieve operational goals and the effects of falling crude oil prices.

Dec. 21

* S&P Global Ratings has revised its outlook on Astoria Energy LLC to stable from negative given that the company performed in line with the expectations over the past few quarters, with debt service coverage ratios in the 1.8x range.

Dec. 20

* Moody's revised its negative ratings outlooks on Dominion Energy and SCANA following a decision by South Carolina regulators to approve the pending $14.7 billion merger between the companies.

* Moody's downgraded Avista Corp.'s issuer rating to Baa2 from Baa1, with a stable outlook.

* Fitch lifted its ratings on Enbridge Energy Partners LP and Spectra Energy Partners LP and affirmed its rating on Enbridge Inc. as the Alberta-based energy transportation conglomerate completed its roll-up of both of the partnerships.

* U.K.-based utility SSE PLC saw its credit ratings cut by Moody's Investors Service and S&P Global Ratings after the company reported losses in its trading division and halted a planned merger and subsequent listing of its British supply business with that of rival NPower.

Dec. 19

* Fitch Ratings upgraded SCANA and its subsidiaries South Carolina Electric & Gas Co. and Public Service Co. of North Carolina Inc. to BBB from BB+, with positive rating outlooks.

* S&P Global Ratings raised its rating on Diamondback Energy Inc. to a notch below investment-grade following Diamondback's recent acquisition of fellow Permian driller Energen Corp., significantly increasing its position in the basin.

* Southcross Energy Partners LP risks defaulting by the end of the first quarter of 2019 if the company does not amend its credit facilities, S&P Global Ratings warned.

Dec. 18

* S&P Global Ratings has placed SCANA and its subsidiaries on CreditWatch with positive implications, based on the anticipated close of its $14.7 billion acquisition by Dominion Energy following approval of the deal in South Carolina.

Dec. 13

* S&P Global Ratings revised its outlook on Southeast PowerGen Holdings LLC to stable from negative, citing the company's improved credit metrics following the sale of the 745.2-MW Washington County gas-fired facility in Georgia to Gulf Pacific Power LLC.