For the second time in less than a week, a credit agency has lowered its rating on a Connecticut utility, saying this time that a series of inconsistent and adverse rate decisions by the state Public Utility Regulatory Authority has undermined Eversource’s financial position.
The reduction by S&P Global of the Eversource credit score from A- to BBB+ means its cost of borrowing to fund operations will increase not only in Connecticut, but across the remainder of its operating territory in Massachusetts and New Hampshire, where it has electric, gas and water subsidiaries.
On Friday, S&P cut its credit ratings for Avangrid’s Connecticut subsidiaries Connecticut Natural Gas and Southern Connecticut Gas for the same reasons…