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Fitch revises outlook on Eversource Energy to stable

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Fitch revises outlook on Eversource Energy to stable

Fitch Ratings revised its outlook on Eversource Energy to stable from positive, citing uncertainty on the future of the Northern Pass transmission project.

The New Hampshire Site Evaluation Committee in February 2018 denied the company's application for a state siting permit for its 1,090-MW, hydro-backed transmission project. Eversource Energy appealed to the Supreme Court of New Hampshire in August 2018 over the denial of the permit. In October 2018, the court agreed to hear the company's appeal.

The rating agency also cited weaker leverage expectations and a large, multiyear capital expenditure plan for the development of offshore wind power projects in changing its outlook.

Fitch affirmed the long-term issuer default ratings of BBB+ for Eversource Energy, A for NSTAR Electric Co. and A- for Connecticut Light and Power Co., Public Service Co. of New Hampshire and NSTAR Gas Co.