This report does not constitute a rating action. S&P Global Ratings has revised its assessment of Maryland’s ratemaking framework for rated electricity, gas, and water utilities to more credit supportive from very credit supportive. We periodically assess every regulatory jurisdiction in the U.S. and Canada with a rated utility or where one operates, monitoring developments in several states and provinces. Our views, from credit supportive to most credit supportive, provide a reference when determining the regulatory risk of a regulated utility or a holding company with more than one utility. Quantitative and qualitative factors focus on stability, tariff-setting procedures and design, financial stability, independence, and insulation. Regulation across the continuum strengthens a utility’s business risk profile and generally underpins our
