Fitch Publishes First-Quarter 2014 U.S. Power & Utility Stats Quarterly

NEW YORK--()--Link to Fitch Ratings' Report: Power and Utility Stats Quarterly -- First-Quarter 2014
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748926

Fitch Ratings has published the U.S. 'Power and Utility Stats Quarterly' report. This report provides a summary of individual company operating performance and credit metrics; key credit strengths and concerns; and liquidity positions for the first quarter ending March 31, 2014.

With this issue of the Power and Utility Stats Quarterly, Fitch has removed Energy Future Holdings Corporation (EFH) from the Fitch 25 index, due to EFH's bankruptcy filing, replacing it with Pinnacle West Capital Corporation.

In the report, Fitch notes the solid underlying credit metrics supporting the utility parent company (UPC) sector's 'BBB+' median Issuer Default Rating (IDR). While the Rating Outlook for UPC is Stable, Fitch notes that expectations for tepid unit sales growth, combined with large capex and competitive inroads from alternative energy resources are secular industry concerns.

UPCs with meaningful merchant generation exposure continue under pressure in 2014, reflecting low energy prices and roll-off of above market hedges. Fitch notes the stronger tone in the recent Pennsylvania-New Jersey-Maryland (PJM) capacity auction and the positive impact of the polar vortex on power prices and volumes in the first quarter 2014.

This report, 'Power & Utility Stats Quarterly - First - Quarter 2014', is available on the Fitch web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Power Connection: Commentary, Org Charts & Debt Detail' (January 2014)

Applicable Criteria and Related Research:

Fitch Ratings Utility Group (Power Connection: Commentary, Org. Charts, and Debt Detail)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727336

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Contacts

Fitch Ratings
Philip W. Smyth, CFA
Senior Director
+1 212-908-0531
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Philippe Beard
Director
+1 212-908-0242
or
Media Relations, New York
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com

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Contacts

Fitch Ratings
Philip W. Smyth, CFA
Senior Director
+1 212-908-0531
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Philippe Beard
Director
+1 212-908-0242
or
Media Relations, New York
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com