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Action items: ComEd wins Fitch upgrade; Moody's upgrades Sabine Pass entities

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Action items: ComEd wins Fitch upgrade; Moody's upgrades Sabine Pass entities

SNL Energy presents aperiodic rundown of selected ratings actions on U.S.- and Canada-based energycompanies. The changes, confined to upgrades, downgrades and changes inoutlook, are listed by announcement date in reverse chronological order.


April 28

Fitch Ratings upgradedCommonwealth Edison Co.'slong-term issuer default rating to BBB+ from BBB. Fitch also revised itsratings outlook on the ExelonCorp. subsidiary to stable from positive.


Moody's revisedits ratings outlook of Ontario's IndependentElectricity System Operator and Ontario Electricity Financial Corp. to stable fromnegative.


Moody's seesNew York regulators' move to deny a key permit for the Constitution PipelineLLC natural gas project as a credit negative for both andTalen Energy Supply LLC.Empire Generating is an affiliate of EnergyCapital Partners LLC, while Talen Energy Supply is a subsidiary ofTalen Energy Corp.


Moody's has upgradedratings on Cheniere EnergyPartners LP subsidiaries, citing "construction accomplishments"at the Sabine Pass LNG exportterminal. Sabine PassLiquefaction LLC's senior secured rating was raised to Ba2 fromBa3, and Sabine Pass LNG LP'ssenior secured rating was upgraded to Ba2 from B1. The ratings outlooks forboth entities remain stable.

April 27

Standard & Poor's Ratings Services both 's corporate creditrating and senior secured debt to B- from CCC-. S&P also placed bothratings on CreditWatch with positive implications, reflecting and BrookfieldInfrastructure Partners LP's agreement to inject $623 million of equity intothe company.


Citing uncertainty about the company's "vulnerable"standing, S&P gaveMurray Energy Corp. acorporate credit rating of CCC+, up from its previous SD, or "selectivedefault," rating. In a research note, S&P stated that therating "reflects our view that Murray is currently vulnerable and isdependent upon favorable business, financial, and economic conditions to meetits financial commitments."


SoutheastPowerGen LLC's BB project rating has been for a possible downgrade atS&P. Placing the ratings on CreditWatch negative was prompted by thecompany's inability to recontract half of the 527-MW and 660-MW facilities inGeorgia, the rating agency said.

April 26

Moody's upgradedAvangrid Inc.subsidiary Central Maine PowerCo. by one notch on April 26, citing the successful of its $1.4 billionMaine Power Reliability Program, which it says increases the company's exposureto FERC regulation, a credit positive.

Avangrid is a subsidiary of .

April 25

S&P loweredExxon Mobil Corp.'scorporate credit and long-term debt ratings to AA+ from AAA, citing lowcommodity prices, high reinvestment requirements and large dividend payments.The outlook is stable.


Alberta had its top-flight credit rating one notch by Moody's as Canada'stop energy-producing province is predicting years of budgetary deficits becauseof lower oil prices. Moody's cut the province's long-term debt ratings to "Aa1"from "Aaa" and its senior unsecured shelf rating to [P]Aa1 from[P]Aaa, the rating agency said in note.

April 22

Avangrid and its subsidiaries earned rating at Fitch and S&P.Fitch upgraded Avangrid and RochesterGas and Electric Corp.'s long-term issuer default rating by onenotch to BBB+, in line with the long-term IDRs of Avangrid's other utilitysubsidiaries Central Maine PowerCo. and New YorkState Electric & Gas Corp.

April 21

Moody's affirmedCrestwood Midstream Partners LP'sratings following the partnership's announcementof its joint venturewith Consolidated Edison Inc.and a reduction in its quarterly cash distribution. The affirmed ratings areCrestwood's Ba3 corporate family rating, or CFR; Ba3-PD probability-of-defaultrating, or PDR; B1 rating on senior unsecured notes; and SGL-3speculative-grade liquidity rating.

April 20

Moody's downgradedAscent Resources - Marcellus LLC'sratings due to "unsustainable capital structure given the extremely weakasset coverage of its debt." Ascent Resources' corporate family rating wasdowngraded to Ca from Caa2, its probability of default rating to Ca-PD fromCaa2-PD, its senior secured first lien rating to Ca from Caa1, and its seniorsecured second lien rating to C from Caa3. The speculative grade liquidityrating was withdrawn.

April 19

Moody's analysts, concludingtheir energy industry ratings review, said downgrades in the sector aretapering off. Moody's downgraded MidstatesPetroleum Co. Inc. and Lightstream Resources a notch to SGL-4 inmid-April.

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