We reviewed the impact of the U.S. tax reform on Fortis Inc. (Fortis), and the company's consolidated credit metrics are weaker than expected. There are key pending regulatory decisions that add to the downside risk and could further stress credit metrics. As a result, we are revising our outlook on Fortis and subsidiaries ITC Holdings Corp., Tucson Electric Power Co., FortisAlberta Inc., and Caribbean Utilities Co. Ltd. to negative from stable. We are also affirming our ratings on the companies, including our 'A-' long-term issuer credit ratings. On March 21, 2018, S&P Global Ratings revised its outlook on St. John's, Nfld.-based utility holding company Fortis Inc. (Fortis) and most of its subsidiaries, including ITC Holdings Corp. (ITC), Tucson Electric Power
