This report does not constitute a rating action. What's new: Fortis Inc. increased its five-year capital spending plan (2027-2031) to C$32.2 billion, an upsize of about C$3.4 billion relative to the prior plan. This is primarily led by higher spending at FortisBC for its liquefied natural gas (LNG) storage tank and Phase 1B expansion, as well as transmission projects at subsidiary ITC Holdings Corp. associated with the Midcontinent Independent System Operator long-range transmission plan, including a recently awarded competitive project for ITC Midwest. Why it matters: S&P Global Ratings projects the company’s consolidated funds from operations (FFO) to debt at about 12% over the outlook period. Our base case incorporates multiyear rate increases approved at subsidiaries Central Hudson Gas&
