Research Update: Eversource Energy Subsidiaries Ratings Placed On CreditWatch Negative Following CreditWatch Placement Of Parent Rating

On Jan. 8, Eversource Energy announced that it expects to record impairment charges of $1.4 billion-$1.6 billion related to its offshore wind joint venture (JV), which is significantly higher than our prior base-case expectations. As such, we placed all issuer credit ratings and most debt ratings on Eversource's subsidiaries Connecticut Light&Power Co. (CL&P), NSTAR Electric Co. (NSTAR-E), Public Service Co. of New Hampshire (PSCNH), Yankee Gas Services Co., NSTAR Gas Co. (NSTAR-G), Eversource Gas Co. of Massachusetts (EGMA), and Aquarion Co. on CreditWatch with negative implications. We have also assigned a new Management&Governance (M&G) assessment of neutral to these companies. This assignment follows the Jan. 7 publication of S&P Global Ratings' revised criteria for evaluating the

...- On Jan. 8, Eversource Energy announced that it expects to record impairment charges of $1.4 billion-$1.6 billion related to its offshore wind joint venture (JV), which is significantly higher than our prior base-case expectations. - As such, we placed all issuer credit ratings and most debt ratings on Eversource's subsidiaries Connecticut Light & Power Co. (CL&P), NSTAR Electric Co. (NSTAR-E), Public Service Co. of New Hampshire (PSCNH), Yankee Gas Services Co., NSTAR Gas Co. (NSTAR-G), Eversource Gas Co. of Massachusetts (EGMA), and Aquarion Co. on CreditWatch with negative implications. - We have also assigned a new Management & Governance (M&G) assessment of neutral to these companies. This assignment follows the Jan. 7 publication of S&P Global Ratings' revised criteria for evaluating the credit risks presented by an entity's M&G framework. The assessment does not affect Eversource's subsidiaries' credit ratings. - The CreditWatch with negative implications reflects the likelihood...

Research Update