The stable outlook on CL&P reflects our expectation that its effective risk management will persist, and that its financial measures will continue to support its stand-alone credit profile. We could lower the rating on CL&P if we downgrade parent Eversource. We could also lower the ratings on CL&P if its stand-alone FFO to debt consistently weakens to below 12%. We could raise the rating on CL&P if we raise our rating on Eversource while CL&P's FFO to debt remains consistently above 15%. Continued use of existing regulatory mechanisms in Connecticut for distribution rates, such as periodic rate case filings, capital trackers, and decoupling; Formula rate increases for the company's transmission rates under FERC's regulatory construct; Capital spending that averages about
