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Action items: Moody's, Fitch upgrade DPL, Dayton Power and Light on rate hike

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Action items: Moody's, Fitch upgrade DPL, Dayton Power and Light on rate hike

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.

Oct. 12

* Fitch Ratings downgraded Oglethorpe Power Corp.'s $980.8 million of pollution control bonds and $3.05 billion of first mortgage bonds to BBB+ from A-, following the recent cost increase in the budget of the Vogtle nuclear expansion project in Georgia.

Oct. 11

* Moody's downgraded the ratings of JEA Electric Enterprise, including its senior-lien electric system revenue bonds to A2 from Aa2, due to its exposure to the Vogtle nuclear expansion project's construction.

* Moody's downgraded Westmoreland Coal Co.'s probability of default rating and withdrew all its ratings for the coal producer after Westmoreland and its master limited partnership, Westmoreland Resource Partners LP, filed for Chapter 11 bankruptcy protection Oct. 9.

Oct. 10

* Oil and gas pipeline constraints in West Texas could put credit ratings upgrades out of reach for Permian Basin-focused drillers with limited transportation contracts.

Oct. 9

* Fitch Ratings upgraded the long-term issuer default rating of DPL Inc. to BBB- from BB, following the recent approval of Dayton Power and Light Co.'s distribution rate hike.

Oct. 8

* Moody's changed the ratings outlook of Oglethorpe Power Corp. to stable from negative, citing the unanimous decision of the Vogtle nuclear plant owners to continue expanding the facility.

* Moody's revised the outlook of Vectren Utility Holdings Inc. and its subsidiaries, Indiana Gas Co. Inc. and Southern Indiana Gas and Electric Co. Inc. to negative from stable.

Oct. 4

* Moody's raised its ratings on Canadian oil sands producer Cenovus Energy Inc., citing "substantial" free cash flow and better cost structuring for its operations.

Oct. 3

* Moody's upgraded the senior unsecured debt rating of DPL to Ba1 from Ba2, and the issuer rating of DPL subsidiary Dayton Power and Light to Baa2 from Baa3, both with positive outlook.

Oct. 1

* S&P Global Ratings affirmed its rating on Marathon Petroleum Corp. and raised its ratings on Andeavor, following the completion of the two U.S. refiners' $23.3 billion merger.

Sept. 28

* S&P Global Ratings downgraded its ratings on Oglethorpe Power, Municipal Electric Authority of Georgia and Jacksonville, Fla., municipal utility JEA after the Vogtle nuclear plant's owners resolved to continue expanding the facility. The ratings outlook on all three companies is negative.

* S&P Global Ratings removed the ratings of Southern Co. and its subsidiaries from CreditWatch negative, after Georgia Power Co. and its co-owners decided to continue the Vogtle nuclear expansion project.