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S&P revises credit profiles for Puget Energy, Puget Sound Energy to 'bbb+'

S&P Global Ratings on Dec. 13 revised its business risk assessment on Puget Energy Inc. and Puget Sound Energy Inc. to "excellent" from "strong" and revised its stand-alone credit profiles for the companies to "bbb+" from "bbb."

In addition, S&P revised its management and governance assessment of the companies to "satisfactory" from "fair." The ratings outlook is stable for both Puget Energy and Puget Sound Energy.

The rating action follows a recent order from the Washington Utilities and Transportation Commission on the Puget Sound Energy's general rate case, including an overall electric revenue increase of $20 million, an overall natural gas revenue decrease of $35 million and a plan to recover costs associated with the closure of two coal plants by 2022.

S&P also affirmed its ratings on Puget Energy, including its BBB- issuer credit rating and its BBB- issue-level rating on the company's senior unsecured debt rating. Further, the rating agency affirmed its ratings on Puget Sound Energy Inc., including its BBB issuer credit rating and its A- issue rating on utility's first mortgage bond.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.