...Sector and Subsectors: This report presents the key peer comparator elements observed or expected for U.S. utilities, power and gas (UPG) companies. Fitch's rating coverage of investor-owned UPG companies in the U.S. includes companies with a wide range of risk profiles and business interests. These include both utilities with monopoly or market-dominant positions that are typically subject to tariff regulation and regulatory oversight of their service levels and terms of service, and companies that do not have a monopoly market position and are exposed to market competition. Finally, there are utility parent companies with varied holdings of companies engaged in regulated and competitive businesses. Key Factors: The Sector Risk Profile defines and groups companies operating in the sector into a "natural rating territory" based on Fitch's view of the inherent risk profile of the industry. Each company's overall risk profile generally does not stray too far from this rating range. After...
