articles Ratings /ratings/en/research/articles/240515-issuer-ranking-north-american-electric-gas-and-water-regulated-utilities-strongest-to-weakest-13107395.xml content esgSubNav
In This List
COMMENTS

Issuer Ranking: North American Electric, Gas, And Water Regulated Utilities, Strongest To Weakest

COMMENTS

Instant Insights: Key Takeaways From Our Research

COMMENTS

Highlights From Our 2024 European Real Estate Conference

NEWS

Credit FAQ: How Will Nan Fung Navigate Hong Kong's Property Downturn?

COMMENTS

Your Three Minutes In Digital Assets: How Restaking Could Create An 'Internet Bond' Market


Issuer Ranking: North American Electric, Gas, And Water Regulated Utilities, Strongest To Weakest

The following list ranks North American regulated utility companies by the rating, outlook, and business and financial risk profile assessment. S&P Global Ratings ranks investment-grade companies (rated 'BBB-' or higher) with the same rating and outlook first by the business risk profile, then the financial risk profile. Speculative-grade companies (rated 'BB+' or lower) with the same rating and outlook are ordered by financial risk profile, then by business risk profile. If not distinguished by these factors, companies are listed in alphabetical order. The ratings and scores in this report are as of May 15, 2024.

Issuer ranking: North American regulated utility companies, strongest to weakest
Company Issuer credit Rating Outlook Stand-alone credit profile Business risk profile Financial risk Profile Primary analyst

Alberta Electric System Operator (AESO)

AA- Stable aa- Excellent Modest Shiny A. Rony

Midcontinent Independent System Operator Inc.

AA- Stable aa- Excellent Modest Daria Babitsch

Madison Gas & Electric Co.

AA- Stable aa- Excellent Intermediate Shiny A. Rony

American Transmission Co.

A+ Stable a+ Excellent Intermediate Beverly R. Gantt

California Independent System Operator Corp.

A+ Stable a+ Excellent Intermediate Daria Babitsch

California Water Service Co.

A+ Stable a+ Excellent Intermediate Beverly R. Gantt

Golden State Water Co.

A+ Stable aa- Excellent Intermediate Sloan Millman, CFA, FRM

Northwest Natural Gas Co.

A+ Stable a+ Excellent Intermediate Mayur Deval

Alabama Power Co.

A Stable a Excellent Intermediate Shiny A. Rony

Energir Inc.

A Stable a Excellent Intermediate Omar El Gamal, CFA

Entegrus Powerlines Inc.

A Stable a Excellent Intermediate Mayur Deval

Florida Power & Light Co.

A Stable a+ Excellent Intermediate Daria Babitsch

GrandBridge Energy Inc.

A Stable a Excellent Intermediate Mayur Deval

London Hydro Inc.

A Stable a Excellent Intermediate Obioma Ugboaja

Middlesex Water Co.

A Stable a Excellent Intermediate Daria Babitsch

New Jersey-American Water Co.

A Stable a+ Excellent Intermediate William Hernandez

Oncor Electric Delivery Co. LLC

A Stable a Excellent Intermediate Daria Babitsch

Pennsylvania-American Water Co.

A Stable a+ Excellent Intermediate William Hernandez

San Jose Water Co.

A Stable a Excellent Intermediate Daria Babitsch

Veolia Utility Resources LLC

A Stable a Excellent Intermediate Sloan Millman, CFA, FRM

Wisconsin Gas LLC

A Stable a Excellent Intermediate Shiny A. Rony

American States Water Co.

A Stable a Excellent Significant Sloan Millman, CFA, FRM

American Water Works Co. Inc.

A Stable a Excellent Significant William Hernandez

Berkshire Hathaway Energy Co.

A Stable bbb Excellent Significant Sloan Millman, CFA, FRM

Central Maine Power Co.

A Stable a Excellent Significant Omar El Gamal, CFA

Georgia Power Co.

A Stable a Excellent Significant Shiny A. Rony

Green Mountain Power Corp.

A Stable bbb+ Excellent Significant Omar El Gamal, CFA

PPL Electric Utilities Corp.

A Stable a Excellent Significant Mayur Deval

Toronto Hydro Corp.

A Stable a- Excellent Significant Omar El Gamal, CFA

Connecticut Natural Gas Corp.

A Negative a+ Excellent Intermediate Omar El Gamal, CFA

Northwest Natural Holding Company

A Negative a Excellent Intermediate Mayur Deval

NSTAR Electric Co.

A Negative a+ Excellent Intermediate Ruchi Agrawal

Public Service Co. of New Hampshire

A Negative a Excellent Intermediate Ruchi Agrawal

Windsor Canada Utilities Ltd.

A Negative a Excellent Intermediate Shiny A. Rony

Baltimore Gas & Electric Co.

A Negative a Excellent Significant Daria Babitsch

Connecticut Light & Power Co.

A Negative a Excellent Significant Ruchi Agrawal

Southern California Gas Co.

A Negative a Excellent Significant Obioma Ugboaja

Wisconsin Power & Light Co.

A Negative a Excellent Significant Beverly R. Gantt

Hydro One Inc.

A- Positive a- Excellent Significant Mayur Deval

Hydro One Ltd.

A- Positive a- Excellent Significant Mayur Deval

Aqua Pennsylvania Inc.

A- Stable a+ Excellent Intermediate Beverly R. Gantt

Atlanta Gas Light Co.

A- Stable aa- Excellent Intermediate Shiny A. Rony

DTE Gas Co.

A- Stable a+ Excellent Intermediate Ruchi Agrawal

MidAmerican Energy Co.

A- Stable a- Excellent Intermediate Sloan Millman, CFA, FRM

Public Service Electric & Gas Co.

A- Stable a+ Excellent Intermediate Gerrit W. Jepsen, CFA

York Water Co. (The)

A- Stable a- Excellent Intermediate Daria Babitsch

Alectra Inc.

A- Stable a- Excellent Significant Omar El Gamal, CFA

AltaLink Investments L.P.

A- Stable a- Excellent Significant Ruchi Agrawal

AltaLink L.P.

A- Stable a- Excellent Significant Ruchi Agrawal

Atlantic City Electric Co.

A- Stable a- Excellent Significant Daria Babitsch

Atmos Energy Corp.

A- Stable a- Excellent Significant Shiny A. Rony

Commonwealth Edison Co.

A- Stable a- Excellent Significant Daria Babitsch

Consolidated Edison Co. of New York Inc.

A- Stable a- Excellent Significant Matthew L. O'Neill

Consolidated Edison Inc.

A- Stable a- Excellent Significant Matthew L. O'Neill

Consumers Energy Co.

A- Stable a- Excellent Significant Ruchi Agrawal

Delmarva Power & Light Co.

A- Stable a- Excellent Significant Daria Babitsch

DTE Electric Co.

A- Stable a- Excellent Significant Obioma Ugboaja

Entergy Arkansas LLC

A- Stable a- Excellent Significant Omar El Gamal, CFA

Entergy Mississippi LLC

A- Stable a Excellent Significant Omar El Gamal, CFA

EPCOR Utilities Inc.

A- Stable a- Excellent Significant Ruchi Agrawal

Essential Utilities Inc.

A- Stable a- Excellent Significant Beverly R. Gantt

Evergy Metro Inc.

A- Stable a Excellent Significant Shiny A. Rony

Kentucky Utilities Co.

A- Stable a- Excellent Significant Mayur Deval

Louisville Gas & Electric Co.

A- Stable a- Excellent Significant Mayur Deval

New York State Electric & Gas Corp.

A- Stable a- Excellent Significant Omar El Gamal, CFA

NextEra Energy Inc.

A- Stable a- Excellent Significant Gerrit W. Jepsen, CFA

Nicor Gas Co.

A- Stable a- Excellent Significant Shiny A. Rony

Oklahoma Gas & Electric Co.

A- Stable a- Excellent Significant Sloan Millman, CFA, FRM

ONE Gas Inc.

A- Stable a- Excellent Significant Sloan Millman, CFA, FRM

Orange and Rockland Utilities Inc.

A- Stable bbb+ Excellent Significant Matthew L. O'Neill

Peoples Gas Light & Coke Co. (The)

A- Stable a- Excellent Significant Shiny A. Rony

Pepco Holdings LLC

A- Stable a- Excellent Significant Daria Babitsch

PNG Cos. LLC

A- Stable a- Excellent Significant Beverly R. Gantt

Potomac Electric Power Co.

A- Stable a- Excellent Significant Daria Babitsch

PPL Corp.

A- Stable a- Excellent Significant Matthew L. O'Neill

Rhode Island Energy

A- Stable bbb+ Excellent Significant Mayur Deval

Rochester Gas & Electric Corp.

A- Stable a- Excellent Significant Omar El Gamal, CFA

Southern Co.

A- Stable a- Excellent Significant Gabe Grosberg

Washington Gas Light Co.

A- Stable a- Excellent Significant Ruchi Agrawal

WEC Energy Group Inc.

A- Stable a- Excellent Significant William Hernandez

Wisconsin Electric Power Co.

A- Stable a- Excellent Significant Shiny A. Rony

Wisconsin Public Service Corp.

A- Stable a- Excellent Significant Shiny A. Rony

Mississippi Power Co.

A- Stable bbb+ Strong Significant Shiny A. Rony

Nevada Power Co.

A- Stable bbb Strong Significant Sloan Millman, CFA, FRM

Sierra Pacific Power Co.

A- Stable bbb Strong Significant Sloan Millman, CFA, FRM

Southern Co. Gas

A- Stable bbb+ Strong Significant Shiny A. Rony

Southern Connecticut Gas Co.

A- Developing a- Excellent Intermediate Omar El Gamal, CFA

Connecticut Water Service Inc.

A- Negative a- Excellent Intermediate Daria Babitsch

Spire Alabama Inc.

A- Negative a+ Excellent Intermediate William Hernandez

Alliant Energy Corp.

A- Negative a- Excellent Significant Beverly R. Gantt

Enbridge Gas Inc.

A- Negative a- Excellent Significant Shiny A. Rony

Eversource Energy

A- Negative a- Excellent Significant Sloan Millman, CFA, FRM

Fortis Inc.

A- Negative a- Excellent Significant Mayur Deval

FortisAlberta Inc.

A- Negative a- Excellent Significant Mayur Deval

Interstate Power & Light Co.

A- Negative a- Excellent Significant Beverly R. Gantt

ITC Holdings Corp.

A- Negative a- Excellent Significant Mayur Deval

Northern States Power Co.

A- Negative a Excellent Significant William Hernandez

Northern States Power Wisconsin

A- Negative a- Excellent Significant William Hernandez

NSTAR Gas Co.

A- Negative a- Excellent Significant Ruchi Agrawal

Public Service Co. of Colorado

A- Negative a- Excellent Significant William Hernandez

SJW Group

A- Negative a- Excellent Significant Daria Babitsch

Spire Inc.

A- Negative a- Excellent Significant William Hernandez

Spire Missouri Inc.

A- Negative a- Excellent Significant William Hernandez

Tucson Electric Power Co.

A- Negative bbb+ Excellent Significant Mayur Deval

United Illuminating Co. (The)

A- Negative a- Excellent Significant Omar El Gamal, CFA

Yankee Gas Services Co.

A- Negative bbb+ Excellent Significant Ruchi Agrawal

Eversource Gas Co. of Massachusetts

A- Negative bbb Strong Significant Ruchi Agrawal

Cleco Power LLC

BBB+ WatchPos a- Excellent Significant Shiny A. Rony

Trans-Allegheny Interstate Line Co.

BBB+ Positive a+ Excellent Modest Ruchi Agrawal

American Transmission Systems Inc.

BBB+ Positive a Excellent Intermediate Sloan Millman, CFA, FRM

Mid-Atlantic Interstate Transmission LLC

BBB+ Positive a Excellent Intermediate Sloan Millman, CFA, FRM

Exelon Corp.

BBB+ Positive bbb+ Excellent Significant Gerrit W. Jepsen, CFA

FirstEnergy Pennsylvania Electric Co.

BBB+ Positive bbb+ Excellent Significant Sloan Millman, CFA, FRM

Ohio Edison Co.

BBB+ Positive a- Excellent Significant Ruchi Agrawal

PECO Energy Co.

BBB+ Positive a Excellent Significant Daria Babitsch

Toledo Edison Co.

BBB+ Positive bbb+ Excellent Significant Sloan Millman, CFA, FRM

Duquesne Light Co.

BBB+ Stable aa- Excellent Modest Sloan Millman, CFA, FRM

Evergy Kansas South Inc.

BBB+ Stable aa- Excellent Modest Shiny A. Rony

New England Power Co.

BBB+ Stable aa- Excellent Modest Ruchi Agrawal

Northern Indiana Public Service Co. LLC

BBB+ Stable a- Excellent Intermediate Beverly R. Gantt

Piedmont Natural Gas Co. Inc.

BBB+ Stable a Excellent Intermediate Beverly R. Gantt

Ameren Corp.

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

Ameren Illinois Co.

BBB+ Stable a- Excellent Significant Beverly R. Gantt

Arizona Public Service Co.

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

Black Hills Corp.

BBB+ Stable bbb+ Excellent Significant Shiny A. Rony

Black Hills Power Inc.

BBB+ Stable bbb+ Excellent Significant Shiny A. Rony

CMS Energy Corp.

BBB+ Stable bbb+ Excellent Significant Sloan Millman, CFA, FRM

DTE Energy Co.

BBB+ Stable bbb+ Excellent Significant Obioma Ugboaja

Duke Energy Carolinas LLC

BBB+ Stable a- Excellent Significant Beverly R. Gantt

Duke Energy Corp.

BBB+ Stable bbb+ Excellent Significant Matthew L. O'Neill

Duke Energy Florida LLC

BBB+ Stable a- Excellent Significant Beverly R. Gantt

Duke Energy Indiana Inc.

BBB+ Stable a- Excellent Significant Beverly R. Gantt

Duke Energy Kentucky Inc.

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

Duke Energy Ohio Inc.

BBB+ Stable a- Excellent Significant Beverly R. Gantt

Duke Energy Progress LLC

BBB+ Stable a- Excellent Significant Beverly R. Gantt

Entergy Corp.

BBB+ Stable bbb+ Excellent Significant Matthew L. O'Neill

Entergy Louisiana LLC

BBB+ Stable bbb+ Excellent Significant Omar El Gamal, CFA

Entergy Texas Inc.

BBB+ Stable bbb+ Excellent Significant Omar El Gamal, CFA

Evergy Inc.

BBB+ Stable bbb+ Excellent Significant Shiny A. Rony

Evergy Kansas Central Inc.

BBB+ Stable a- Excellent Significant Shiny A. Rony

KeySpan Gas East Corp.

BBB+ Stable bbb+ Excellent Significant Obioma Ugboaja

Massachusetts Electric Co.

BBB+ Stable a- Excellent Significant Ruchi Agrawal

Niagara Mohawk Power Corp.

BBB+ Stable bbb+ Excellent Significant Obioma Ugboaja

NiSource Inc.

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

OGE Energy Corp.

BBB+ Stable bbb+ Excellent Significant Sloan Millman, CFA, FRM

Pinnacle West Capital Corp.

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

Portland General Electric Co.

BBB+ Stable bbb+ Excellent Significant Sloan Millman, CFA, FRM

Progress Energy Inc.

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

Public Service Enterprise Group Inc.

BBB+ Stable bbb+ Excellent Significant Gerrit W. Jepsen, CFA

San Diego Gas & Electric Co.

BBB+ Stable bbb+ Excellent Significant Obioma Ugboaja

Texas-New Mexico Power Co.

BBB+ Stable a- Excellent Significant Omar El Gamal, CFA

Union Electric Co. d/b/a Ameren Missouri

BBB+ Stable bbb+ Excellent Significant Beverly R. Gantt

Unitil Corp.

BBB+ Stable bbb+ Excellent Significant Shiny A. Rony

National Grid North America Inc.

BBB+ Stable bbb+ Excellent Aggressive Obioma Ugboaja

AVANGRID Inc.

BBB+ Stable bbb+ Strong Significant Omar El Gamal, CFA

Berkshire Gas Co.

BBB+ Stable bbb Strong Significant Omar El Gamal, CFA

Boston Gas Co.

BBB+ Stable bbb+ Strong Significant Ruchi Agrawal

Brooklyn Union Gas Co. (The)

BBB+ Stable bbb Strong Significant Obioma Ugboaja

Evergy Missouri West Inc.

BBB+ Stable bbb Strong Significant Shiny A. Rony

Ontario Power Generation Inc.

BBB+ Stable bb+ Strong Significant Mayur Deval

Otter Tail Power Co.

BBB+ Stable bbb+ Strong Significant Ruchi Agrawal

Sempra

BBB+ Stable bbb+ Strong Significant Obioma Ugboaja

Versant Power

BBB+ Stable bbb+ Strong Significant Ruchi Agrawal

Southern Power Co.

BBB+ Stable bbb- Satisfactory Significant Shiny A. Rony

Aquarion Co.

BBB+ Developing bbb Excellent Aggressive Ruchi Agrawal

AEP Transmission Co. LLC

BBB+ Negative a+ Excellent Intermediate Daria Babitsch

Indiana Gas Co. Inc.

BBB+ Negative a Excellent Intermediate Shiny A. Rony

Public Service Co. of North Carolina Inc.

BBB+ Negative a Excellent Intermediate Obioma Ugboaja

American Electric Power Co. Inc.

BBB+ Negative bbb+ Excellent Significant Gabe Grosberg

Appalachian Power Co.

BBB+ Negative a- Excellent Significant Daria Babitsch

CenterPoint Energy Houston Electric LLC

BBB+ Negative a Excellent Significant William Hernandez

CenterPoint Energy Resources Corp.

BBB+ Negative a- Excellent Significant William Hernandez

Dominion Energy Inc.

BBB+ Negative bbb+ Excellent Significant Obioma Ugboaja

Dominion Energy Ohio

BBB+ Negative a- Excellent Significant Obioma Ugboaja

Indiana Michigan Power Co.

BBB+ Negative a- Excellent Significant Daria Babitsch

Montana-Dakota Utilities Co.

BBB+ Negative bbb+ Excellent Significant William Hernandez

Ohio Power Co.

BBB+ Negative a- Excellent Significant Daria Babitsch

Questar Gas Co.

BBB+ Negative a- Excellent Significant Obioma Ugboaja

Southern Indiana Gas & Electric Co.

BBB+ Negative a- Excellent Significant Shiny A. Rony

Southwestern Electric Power Co.

BBB+ Negative bbb+ Excellent Significant Daria Babitsch

Tampa Electric Co.

BBB+ Negative a Excellent Significant Mayur Deval

Virginia Electric & Power Co.

BBB+ Negative a Excellent Significant Obioma Ugboaja

Xcel Energy Inc.

BBB+ Negative bbb+ Excellent Significant William Hernandez

AEP Texas Inc.

BBB+ Negative bbb Excellent Aggressive Daria Babitsch

CenterPoint Energy Inc.

BBB+ Negative bbb+ Excellent Aggressive William Hernandez

Central Hudson Gas & Electric Corp.

BBB+ Negative bbb Excellent Aggressive Mayur Deval

Caribbean Utilities Co. Ltd.

BBB+ Negative bbb Strong Significant Mayur Deval

Dominion Energy South Carolina Inc.

BBB+ Negative bbb+ Strong Significant Obioma Ugboaja

Maritime Electric Co. Ltd.

BBB+ Negative bbb Strong Significant Mayur Deval

PacifiCorp

BBB+ Negative bb+ Strong Significant Sloan Millman, CFA, FRM

Public Service Co. of Oklahoma

BBB+ Negative bbb Strong Significant Daria Babitsch

FirstEnergy Corp.

BBB Positive bbb Excellent Significant Sloan Millman, CFA, FRM

FirstEnergy Transmission LLC

BBB Positive a- Excellent Significant Sloan Millman, CFA, FRM

Southwest Gas Corp.

BBB Positive a- Excellent Significant Mayur Deval

Cleveland Electric Illuminating Co.

BBB Positive bbb Excellent Aggressive Sloan Millman, CFA, FRM

Jersey Central Power & Light Co.

BBB Positive bbb Strong Significant Sloan Millman, CFA, FRM

Indianapolis Power & Light Co.

BBB Stable a- Excellent Significant Omar El Gamal, CFA

Puget Sound Energy Inc.

BBB Stable bbb+ Excellent Significant William Hernandez

SEMCO Energy Inc.

BBB Stable a- Excellent Significant Ruchi Agrawal

Duquesne Light Holdings Inc.

BBB Stable bbb Excellent Aggressive Sloan Millman, CFA, FRM

IPALCO Enterprises Inc.

BBB Stable bbb Excellent Aggressive Omar El Gamal, CFA

Algonquin Power & Utilities Corp.

BBB Stable bbb Strong Significant Omar El Gamal, CFA

Edison International

BBB Stable bbb Strong Significant Obioma Ugboaja

Empire District Electric Co. (The)

BBB Stable bbb Strong Significant Omar El Gamal, CFA

IDACORP Inc.

BBB Stable bbb Strong Significant Beverly R. Gantt

Idaho Power Co.

BBB Stable bbb Strong Significant Beverly R. Gantt

Monongahela Power Co.

BBB Stable bbb Strong Significant Sloan Millman, CFA, FRM

NorthWestern Corp.

BBB Stable bbb Strong Significant Mayur Deval

NorthWestern Energy Group Inc.

BBB Stable bbb Strong Significant Mayur Deval

NorthWestern Energy Public Service Corporation

BBB Stable bbb Strong Significant Mayur Deval

PNM Resources Inc.

BBB Stable bbb Strong Significant Omar El Gamal, CFA

Potomac Edison Co.

BBB Stable bbb Strong Significant Sloan Millman, CFA, FRM

Public Service Co. of New Mexico

BBB Stable bbb Strong Significant Omar El Gamal, CFA

Southern California Edison Co.

BBB Stable bbb Strong Significant Obioma Ugboaja

Otter Tail Corp.

BBB Stable bbb Satisfactory Intermediate Ruchi Agrawal

National Grid Generation LLC

BBB Stable bbb- Fair Intermediate Obioma Ugboaja

Emera Inc.

BBB Negative bbb Excellent Aggressive Mayur Deval

ALLETE Inc.

BBB Negative bbb Strong Significant William Hernandez

Avista Corp.

BBB Negative bbb Strong Significant Ruchi Agrawal

Southwestern Public Service Co.

BBB Negative bbb Strong Significant William Hernandez

Cascade Natural Gas Corp.

BBB Negative bb+ Strong Aggressive William Hernandez

Kentucky Power Co.

BBB Negative bbb- Strong Aggressive Daria Babitsch

MDU Resources Group Inc.

BBB Negative bbb Satisfactory Significant William Hernandez

Cleco Corporate Holdings LLC

BBB- WatchPos bbb Satisfactory Significant Shiny A. Rony

Southwest Gas Holdings Inc.

BBB- Positive bbb- Satisfactory Significant Matthew L. O'Neill

Centennial Energy Holdings Inc.

BBB- Positive bbb- Fair Intermediate William Hernandez

Puget Energy Inc.

BBB- Stable bbb+ Excellent Significant William Hernandez

WGL Holdings Inc.

BBB- Stable a- Excellent Significant Ruchi Agrawal

ENMAX Corp.

BBB- Stable bbb- Strong Significant Ruchi Agrawal

AltaGas Ltd.

BBB- Stable bbb- Strong Aggressive Ruchi Agrawal

Allegheny Generating Co.

BBB- Stable bb+ Satisfactory Intermediate Sloan Millman, CFA, FRM

Nova Scotia Power Inc.

BBB- Negative bb+ Strong Aggressive Mayur Deval

Fortis TCI Ltd.

BBB- Negative bb+ Satisfactory Significant Mayur Deval

System Energy Resources Inc.

BB Positive bb- Satisfactory Intermediate Omar El Gamal, CFA

Pacific Gas & Electric Co.

BB Stable bb Satisfactory Significant Daria Babitsch

PG&E Corp.

BB Stable bb Satisfactory Significant Gerrit W. Jepsen, CFA

Dayton Power & Light Co.

BB Stable bbb- Strong Aggressive Sloan Millman, CFA, FRM

DPL Inc.

BB Stable bb- Strong Highly Leveraged Sloan Millman, CFA, FRM

Entergy New Orleans LLC

BB Developing bb Satisfactory Significant Omar El Gamal, CFA

Centuri Group Inc.

B+ Developing b+ Weak Aggressive Mayur Deval

Hawaiian Electric Co. Inc.

B- Negative b- Fair Aggressive Ruchi Agrawal

Hawaiian Electric Industries Inc.

B- Negative b- Fair Aggressive Ruchi Agrawal

This report does not constitute a rating action.

Primary Credit Analyst:Paul Montiel, New York;
paul.montiel@spglobal.com
Secondary Contacts:Gabe Grosberg, New York + 1 (212) 438 6043;
gabe.grosberg@spglobal.com
Gerrit W Jepsen, CFA, New York + 1 (212) 438 2529;
gerrit.jepsen@spglobal.com
Obioma Ugboaja, New York + 1 (212) 438 7406;
obie.ugboaja@spglobal.com
Matthew L O'Neill, New York + 1 (212) 438 4295;
matthew.oneill@spglobal.com
William Hernandez, Dallas + 1 (214) 765-5877;
william.hernandez@spglobal.com
Sloan Millman, CFA, FRM, New York + 1 (212) 438 2146;
sloan.millman@spglobal.com
Omar El Gamal, CFA, Toronto +1 4165072523;
omar.elgamal@spglobal.com
Mayur Deval, Toronto (1) 416-507-3271;
mayur.deval@spglobal.com
Beverly R Gantt, New York + 1 (212) 438 1696;
beverly.gantt@spglobal.com
Ruchi Agrawal, Toronto +14372252983;
ruchi.agrawal@spglobal.com
Shiny A Rony, Toronto +1-437-247-7036;
shiny.rony@spglobal.com
Daria Babitsch, New York 917-574-4573;
daria.babitsch1@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in