Moody’s upgrades Entergy, debt to Baa2

Moody's Investors Service said it upgraded Entergy Corp.’s long-term issuer rating to Baa2 from Baa3, senior unsecured debt to Baa2 from Baa3 and commercial paper rating to Prime-2 from Prime-3 due to continued actions aimed at eliminating its merchant generation exposure.

The action concludes the review for upgrade that began on Jan. 9 following the company's announced intent to retire the Indian Point nuclear facility by 2021.

The outlook is stable.

"Entergy continues to make progress in de-risking the company," Moody’s vice president, senior analyst Ryan Wobbrock said in a news release.

"A waning merchant fleet, cash flow to debt in the mid-teen's percent range, and holding company debt under 25% of consolidated debt now position Entergy in-line with other Baa2 peer utility holding companies."

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