...Handbook Introduction: Fitch Ratings presents its fourth U.S. Utilities, Power & Gas (UPG) handbook publication, which provides an overview of the utility parent companies (UPC) in the U.S. UPCs typically own one or more utility operating subsidiaries. In many instances, UPCs also own subsidiaries engaged in nonregulated electric and gas businesses, such as wholesale power generation, retail electric and gas businesses, midstream gas operations or energy trading businesses, among others. Each company report in this handbook includes rating rationales and rating drivers, along with debt structures and financial summary information. Wide Range in Ratings: The UPCs in Fitch's coverage exhibit a wide range of Issuer Default Ratings (IDRs), from `A' at the upper end to `B+' at the lower end. Portfolio composition (i.e. mix of regulated and nonregulated operations), regulatory jurisdiction diversity, size, and mix of electric and gas businesses are some of the qualitative factors that differentiate...
