NEW YORK--(BUSINESS WIRE)--Fitch Ratings has published the U.S. Utilities, Power, and Gas (UPG) Quarterly Dashboard. This report highlights the rating actions taken in the UPG universe during the first quarter of 2015.
Rating activity within the U.S. Utilities, Power and Gas (UPG) group during the quarter included one initial rating, 31 affirmations, one upgrade, and no downgrades. Fitch Ratings initiated coverage on TransAlta Corporation (TransAlta) with a Long-term Issuer Default Rating (LT IDR) of 'BBB-' and a Stable Rating Outlook. The sole upgrade pertains to Ameren Illinois Company's (AIC), where Fitch upgraded the Long-term IDR to 'BBB+' from 'BBB' with a Stable Rating Outlook.
While Fitch affirmed the ratings of Iberdrola USA Inc. on the acquisition announcement of UIL Holdings Corporation, the majority of rating actions were driven by company specific factors, Fitch does note that continued merger and acquisition activity in the sector can be a source of credit risk given the increased use of debt in certain other deals and rising transaction multiples.
Fitch has also published an Excel worksheet titled ' First-Quarter Rating Action Summary Report ' that provides a list of rating actions, issuance activity, Fitch's published research, and sector rating trends during the first quarter.
The dashboard and Excel worksheet are available at www.fitchratings.com or by clicking on the links below.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research: Utilities, Power and Gas Dashboard (First-Quarter Ratings Wrap-Up)
U.S. Utilities, Power and Gas Third-Quarter Rating Action Summary Report