U.S. Integrated Electric Utilities Handbook (A Detailed Review of Integrated Electric Utilities)

...Fitch Ratings presents the fifth edition of its U.S. Integrated Electric Utilities Handbook, which provides detailed information for the integrated utility companies (IUC) in Fitch's universe. Each company report in this handbook includes rating rationales and rating drivers, along with debt structures and financial summary information. Strong and Stable Median Ratings: The IUC sector has typically enjoyed strong investment-grade ratings, with the historical median centered at `BBB+' for Fitch's coverage. Key rating drivers include supportive regulatory frameworks, continued low fuel prices, waning capex, low inflation and low interest rates. Supportive Regulation: Many IUCs have been successful in minimizing regulatory lag through timely resolution of rate cases and rider recovery of various capital and operating costs. A low commodity price environment has been a boon to IUCs, providing headroom to seek rate recovery for nonfuel-related costs without pressure on retail bills. The median...

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