S&P Global Ratings on Dec. 19 raised the long-term issuer credit rating on Duquesne Light Co. to BBB+ from BBB and the issue-level ratings on its first mortgage bonds to A from A-. The outlook is stable.
The Duquesne Light Holdings Inc. subsidiary was also removed from Ratings' under criteria observation. "The upgrade follows the review of our ratings on DLC under our revised Group Rating Methodology criteria, which we published on July 1, 2019," the rating agency wrote in a report.
Ratings revised its stand-alone credit profile on Duquesne Light Co. to aa- from a, citing its expectation the company will continue to effectively manage its regulatory risk.
"We view the strength of DLC's stand-alone credit profile, as well as the cumulative value of the regulatory and structural protections that insulate the company from DLH, as warranting an upgrade," S&P Global Ratings analysts said.
Duquesne Light is ultimately owned by DQE Holdings LLC.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.