Fortis Inc.?s financial measures have been gradually improving. Its funds from operations (FFO)-to-debt ratio was 12.2% for the 12 months ending September 2025, and we project it will remain above 12% over our forecast period. At the same time, there have been developments at the company?s subsidiaries to mitigate physical risks, namely wildfires, which we believe should support credit quality. As such, we revised our outlook on the company and its subsidiaries to stable from negative and affirmed all of the ratings, including our 'A-' issuer credit rating (ICR) on Fortis. The stable outlook reflects our view that Fortis will continue to effectively manage regulatory risk, continue to progress on its physical risk-mitigation strategies, and maintain financial prudence such that
