The ratings of Connecticut Light & Power Co. (CL&P), a wholly owned subsidiary of Northeast Utilities (NU), are based on the consolidated credit profile of its parent, NU, and its affiliate companies: Western Massachusetts Electric Co., Public Service Co. of New Hampshire, Yankee Gas Services Inc., Select Energy Inc., and Northeast Generation Co. CL&P is an electric transmission and distribution (T&D) utility serving 1.1 million customers in Connecticut. On April 14, 2004, Standard & Poor's revised the outlook on the NU companies to negative from stable. The rating action reflects NU's weakened credit profile, which results primarily from Standard & Poor's increased weight of the nonregulated business related to the regulated operations and the expectation that the nonregulated businesses will
