KEY RATING DRIVERS
NSPW's ratings reflect the constructive regulatory framework in
NSPW has an electric case pending before the commission. The utility is seeking an electric base rate increase of
NSPW has solid credit metrics for the current rating category. For the latest 12 months (LTM) ending
Fitch's main rating concern relates to the relatively sizeable capital spending program over the forecast period. NSPW plans on spending a total of
Fitch expects NSPW to fund capex in a manner that is consistent with its authorized regulatory capital structure (52.54% common equity ratio), with a mix of internally generated funds, long-term debt issuances, and parent equity infusions. Fitch views the parent support as credit positive for NSPW.
NSPW has adequate liquidity to meet its short-term obligations with access to a total of
Positive Rating Actions: Given the projected elevated capex, no positive rating actions are anticipated in the near term.
Negative Rating Actions: Although unlikely, a deterioration in the
FFO lease-adjusted leverage above 4x on a sustained basis could lead to negative rating actions.
Additional information is available at 'www.fitchratings.com'.
--'Corporate Rating Methodology: Including Short-Term Ratings and Parent and Subsidiary Linkage' (
--'Rating U.S. Utilities, Power and Gas Companies' (
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage
Rating U.S. Utilities, Power and Gas Companies (Sector Credit Factors)
Source: Fitch Ratings
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