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S&P lifts Duquesne Light to positive
Standard & Poor's said it revised the outlook on Duquesne Light Holdings Inc. and Duquesne Light Co. to positive from stable.
The agency also said it affirmed both companies' BBB- corporate credit ratings, along with the BBB- senior unsecured rating on Duquesne Light Holdings and BBB+ senior secured debt rating on Duquesne Light Co.
The outlook revision reflects the improvement in the business risk profile as a result of Duquesne Light Holdings' continuing strategic focus on its core utility business and its new POLR plan, which eliminates price and volume risk, S&P said.
The ratings reflect the strength and cash flow stability of Duquesne Light Co. and its unregulated operations, the agency said.
Diminishing the credit strengths are consolidated financial measures that were weakened following Duquesne Light's acquisition by an investor consortium in 2007, but have been modestly improving since then, S&P said.
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