Following Hurricane Irma last year, FortisTCI Ltd. (FTCI) invested about US32 million to restore its transmission and distribution network in the Turks and Caicos Islands. Despite the company's recent decision to reduce its dividends, we expect that the company's weakened financial measures could remain below our downgrade threshold through 2020, reflecting increased debt and regulatory lag. We are revising our outlook to negative from stable and affirming our 'BBB' long-term issuer credit rating on FTCI. The negative outlook reflects the potential for lower ratings within the next 24 months if the company does not consistently achieve adjusted funds from operations-to-debt of at least 15% On July 27, 2018, S&P Global Ratings revised its outlook on FortisTCI Ltd. (FTCI) to negative
