On Oct. 2, 2003, Standard & Poor's Ratings Services affirmed its 'AAA' rating on Connecticut Development Authority's $62 million pollution control revenue bonds (Connecticut Light & Power Co. project 1996 series). As of the conversion date (Oct. 1, 2003), the bonds will no longer have a short-term mode, which required a standby letter of credit. Therefore, the short-term rating no longer applies. The bonds have been changed to a five-year mode and principal and interest are fully and unconditionally guaranteed by AMBAC. Therefore, the bonds carry a 'AAA' long-term rating. The underlying corporate credit rating on Connecticut Light & Power (CL&P) remains at 'BBB+'. The outlook is stable. The ratings on CL&P, a wholly owned subsidiary of Northeast Utilities (NU),
