Business Services Industry
UI Receives Upgrade From Fitch
Business Wire, August 14, 2000
Business Editors
NEW HAVEN, Conn.--(BUSINESS WIRE)--Aug. 14, 2000
Fitch,a corporate credit agency that rates financial institutions, insurance, corporations, and public markets worldwide, has upgraded The United Illuminating Company's (UI) unsecured debt and secured lease obligations from BBB to A-.
The agency issued the upgrade for UI's $395.5 million of senior unsecured debt and $210.0 million in secured lease obligations.
Fitch has also issued an implied senior unsecured rating of BBB and a commercial paper rating of F2 for UIL Holdings. The agency gave UI and UIL Holdings a rating outlook of "stable."
The upgrades reflect UI's lower business risk profile (exiting generation, non-regulated businesses now under holding company), favorable stranded cost recovery, strong financial protection measures, and the mitigation of power supply and market price exposure associated with the provider-of-last-resort obligation.
UI, a regulated business unit of UIL Holdings Corporation, is a New Haven-based regional distribution utility that provides electricity and energy-related services to more than 314,000 customers in municipalities in Greater New Haven and Greater Bridgeport. UI's World Wide Web address is www.uinet.com. UIL is traded on the New York Stock Exchange under the symbol UIL.
Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide.
Further information on the Fitch announcement regarding UI can be found on the Fitch website at www.Fitchratings.com.
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