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Action items: S&P downgrades Westmoreland Coal, upgrades Vistra Energy

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Action items: S&P downgrades Westmoreland Coal, upgrades Vistra Energy

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

May 30

* Moody's revised its rating outlook for FirstEnergy Corp.'s regulated utilities in Ohio to "positive," citing improving regulatory prospects and a broader corporate pivot away from unregulated holdings.

May 29

* S&P Global Ratings lowered Westmoreland Coal Co.'s credit rating to SD from CCC-, citing the company's $110 million bridge loan financing that subordinates the first lien lenders' debt to the new loan.

May 24

* Moody's upgraded Rockies Express Pipeline LLC's corporate family rating to Ba1 from Ba2 on the prospect of lower financial leverage and boosts to the company's cash flow, which is now expected to cover debt and capital expenditures.

May 21

* S&P Global Ratings revised its outlook on Gulf Power Co. to stable from negative after parent Southern Co. announced the utility's sale along with other Florida assets to NextEra Energy Inc.

May 18

* S&P Global Ratings raised Natural Resource Partners LP's corporate credit rating to B from B-, with a stable outlook, citing the company's reduced debt and stable operating cash flows.

May 17

* Following the announcement that Williams Cos. Inc. plans to roll up Williams Partners LP in a $10.5 billion simplification deal, S&P Global Ratings placed the natural gas processing and transportation giant on CreditWatch positive.

* Moody's and Fitch Ratings are considering upgrading Williams into investment-grade status after the company announced its plan to roll up Williams Partners in a $10.5 billion simplification deal.

May 16

* S&P Global Ratings upgraded its corporate credit ratings on Vistra Energy Corp. to BB from BB- and on Dynegy Inc. to BB from B+.

* Moody's expects sponsored oil and gas pipeline partnerships to maintain "appropriate" debt ratios through at least the first half of 2019, even as they borrow more in the face of depressed equity markets.

May 14

* Recently adopted California building codes that require builders to include solar electric systems on new single-family homes and low-rise apartment buildings are "credit negative" for the state's utilities and contribute to a "cost structure challenge" for utilities and their customers, Moody's said in a research note.

May 11

* Fitch Ratings assigned a first-time long-term issuer default rating of BBB- to Cleco Corporate Holdings LLC, based on the low business risk and stable credit profile of its core principal subsidiary, Cleco Power LLC.

May 8

* Fitch Ratings assigned a long-term issuer default rating of BB to Vistra Energy Corp. and its subsidiary Vistra Operations Co. LLC.

* Pleased with improvements to its balance sheet and a fiscally conservative capital plan for 2018, Moody's Investors Service has upgraded the Corporate Family Rating of Southwestern Energy Co. to Ba2 from Ba3.

May 3

* Entergy Corp.'s planned increased capital spending plan, higher leverage and lower cash flow due to tax reform prompted S&P Global Ratings to revise its outlook on the company and its subsidiaries to stable from positive.