BOSTON, Mass. (Dec. 10, 2024) – Following yesterday’s announcement that S&P has downgraded Eversource’s credit rating due to the continuing pattern of adverse regulatory developments for investor-owned utilities operating in Connecticut, Eversource issued the statement below from Vice President of Distribution Rates and Regulatory Requirements, Douglas Horton:

“On Nov. 18, 2024, the Connecticut Public Utilities Regulatory Authority issued final rate-case orders for Connecticut Natural Gas Corp. and Southern Connecticut Gas Co., which included material rate decreases for both utilities. These rate orders follow a recent pattern of adverse regulatory developments for investor-owned utilities operating in Connecticut, which S&P views as increasing business risk for Eversource Energy and its operating subsidiaries.  In light of these circumstances, S&P has lowered the issuer credit ratings to Eversource’s Connecticut operating subsidiaries Connecticut Light and Power Company and Yankee Gas Company, and also lowered the issuer credit ratings to ‘A-’ from ‘A’ for Eversource’s Massachusetts operating subsidiaries, NSTAR Electric Company, NSTAR Gas Company and Eversource Gas Company of Massachusetts, and for Public Service Company of New Hampshire. Eversource’s Massachusetts and New Hampshire electric operating subsidiaries continue to have top-tier credit ratings that will work to the benefit of customers as we continue our constructive engagement with valued stakeholders across our three-state service territory and strive to achieve cost-effective solutions to ensure safe, reliable service for our customers while supporting local goals at the state level.” 

CONTACT:
William Hinkle
603-634-2228
william.hinkle@eversource.com