...Weather Moderates Earnings Growth: The third-quarter 2014 (3Q14) earnings season highlighted weather-affected flattening of growth in the sector's earnings trend after a strong weather-related jump in first-half 2014. Median earnings fell by 3% over the same period last year for Fitch Ratings' sample of utilities, power and gas companies. However, the median earnings for the first nine months of the year grew by 6% and several companies tightened their 2014 earnings forecasts toward the higher end of the guidance range. Credit Metrics on Track: Key credit metrics across the sector remain broadly in line with Fitch's expectations on a TTM basis. Refinancing initiatives by utilities coupled with a low interest rate environment improved the coverage ratios, while elimination of bonus tax depreciation affected FFO-based ratios. Competitive generation companies exhibited a mixed trend, with an uptick in total adjusted debt to operating EBITDAR, even as the FFO-adjusted leverage ratio remained...
