U.S. Utility Parent Companies Handbook (A Detailed Review of Utility Parent Holding Companies)

...Introduction: Fitch Ratings presents the fifth edition of its U.S. Utility Parent Companies Handbook, which provides an overview of the utility parent companies (UPCs) in Fitch's coverage. 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. 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 universe exhibit a wide range of Issuer Default Ratings (IDRs), from `A¡' to `BB+'. Portfolio composition, i.e. a mix of regulated and nonregulated operations; regulatory jurisdiction diversity; size; and a mix of electric and gas businesses are some of the qualitative factors that differentiate ratings. In addition to leverage...

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