The ratings of Connecticut Light & Power Co. (CL&P), an electric transmission and distribution utility subsidiary of Northeast Utilities (NU), are based on the consolidated credit profile of the NU family of companies. NU owns two other New England-based utility subsidiaries, Public Service Co. of New Hampshire (PSNH) and Western Massachusetts Electric Co. (WMECO), as well as nonregulated growing energy trading and marketing and generation businesses. The strong business profile of CL&P reflects Connecticut's supportive industry restructuring legislation, which provides the utility with substantial recovery of its stranded costs, the divestiture of all generating assets at multiples of book value, and a focus on the lower-risk energy delivery business. Proceeds from the sale of $1.44 billion of securitization bonds in
