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Yankee Gas bond issue priced; company says Moody’s downgrade reflects regulatory risk for CL&P, not immediate Yankee action
Summary
Company updated PURA that Yankee priced a $185 million first‑mortgage bond transaction in two series; company witnesses said Moody’s action on Connecticut Light & Power reflects regulatory risk in Connecticut and that rating agencies are watching the rate‑case outcome.
Company witnesses told the Public Utilities Regulatory Authority that Yankee Gas completed pricing for an expected $185 million first‑mortgage bond transaction and that the company will update the record with final terms and issuance expenses once the deal closes.
Why it matters: Cost of debt affects revenue requirement and the overall cost of capital used in ratemaking. Witnesses also discussed a recent Moody’s downgrade of Connecticut Light & Power (CL&P) to Baa1…
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