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S&P Global Ratings changes Central Maine Power outlook to positive

S&P Global Ratings revised its outlook on Central Maine Power Co. to positive from stable given its expectations for marginal improvement to the company's business risk profile.

The rating agency expects that the company's financial measures will remain at the higher end of the range for its financial risk profile category. "We assess CMP's business risk profile as excellent and its financial risk profile as significant," analysts said in a Jan. 25 report.

The positive outlook also takes into account S&P Global Ratings' assessment that it could upgrade the Avangrid Inc. subsidiary to two notches higher than its parent due to structural and regulatory protections in place that insulate Central Maine Power.

"We could raise the ratings on CMP over the next 12 months if the company continues to maintain financial measures at the higher end of the range for its financial risk profile category, reflecting FFO to debt consistently above 19%," the analysts said.

The rating agency also affirmed Central Maine Power's issuer credit rating at A-, its senior secured at A and its senior unsecured at A-.

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