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S&P upgrades Eversource on generation asset sale approval

S&P Global Ratings on Dec. 5 upgraded its issuer credit ratings on Eversource Energy and all of its subsidiaries to "A+" from "A."

The outlook is stable for the companies.

S&P upgraded the ratings of Eversource and subsidiaries Connecticut Light and Power Co., Yankee Gas Services Co., Public Service Co. of New Hampshire, Western Massachusetts Electric Co., NSTAR Electric Co. and NSTAR Gas Co. due to the company's improved business risk profile following the planned sale of its generation assets.

Additionally, the rating agency expects the recently closed a $1.68 billion acquisition of Aquarion Water Co. to be fully integrated into Eversource's operations and to remain a part of its long-term growth strategy as it is consistent with the plan to completely shift to the transmission and distribution sector.

S&P also expects Eversource's funds-from-operations-to-debt ratio to be at the lower end of the 16% to 18% range until 2019 due to acquisition debt and increased capital spending.

Eversource's liquidity should be sufficient to cover its needs for the next 12 months as it benefits from stable cash flow generation, ample availability under the revolving credit facilities and manageable debt, according to S&P.

The rating agency also revised the stand-alone credit profile for Public Service Co. of New Hampshire to "a" from "a-."

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