The ratings on Connecticut Light&Power Co. (CL&P) reflect the consolidated credit profile of its parent, Northeast Utilities (NU). NU has an excellent business risk profile that reflects primarily the low operating risk nature of its regulated utility subsidiaries combined with the increasing contribution of its transmission investments. CL&P is NU's largest operating subsidiary, contributing about 60% of revenues and assets, and delivering electricity to about 1.2 million customers in Connecticut. The customer base is mostly residential and commercial with these customers contributing 80% of revenues and 74% of sales. While the customer base is large, it has demonstrated little meaningful growth. The regulatory environment incorporates elements that are supportive of credit quality such as the ability to recover
