Supportive regulatory regime; Low risk transmission and distribution business; and Minimal competition. Large capital program; and Financial metrics weak for rating level. The ratings on The Connecticut Light&Power Co. (CL&P; BBB/Stable/--), a wholly owned subsidiary of Northeast Utilities (NU; BBB/Stable/--), are based on the consolidated credit profile of NU and its affiliate companies, Western Massachusetts Electric Co. (WMECO), Public Service Co. of New Hampshire (PSNH), and Yankee Gas Services Co. CL&P delivers electricity to about 1.1 million customers in Connecticut. The service territory consists of roughly 150 communities covering 4,400 square miles. CL&P represented 46% of total consolidated assets, 47% of total consolidated revenues, and 63% of consolidated operating income in 2005. As NU builds out the transmission
