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Credit Rating Firms Savor Restructuring, Search for a New Formula

Fortnightly Magazine - February 1 1997

as accusations that the NRC has been lax in regulation enforcement. Moulton says this tougher stance will likely cause lower plant capacity factors and longer refueling outages, raising the cost of nuclear power production, or leading to a premature plant closures.

*See, "Moody's Assesses Nuclear Power Risks in a More Competitive

Market," by Mo Ying W. Seto, Kevin G. Rose, and Susan D. Abbott

(Moody's, November 1996).

1See, "Electric Deregulation May Pressure Ratings of Natural Gas Distribution Companies," by Kevin G. Rose, Ted A. Izatt, and Alexandra S. Parker (Moody's, September 1996).

2See, "Stranded Costs: Qualified Financing for Intangible Assets," by Anastasia M. Song and Hugh M. Dougan, PUBLIC UTILITIES FORTNIGHTLY, Oct. 1, 1996, p. 44.

3"Legislative & Public Policy Developments in the Electric Utility Industry," by Lisa B. Metros (D&P, October 1996).

4D&P found those tests satisfied when it issued its 1995 credit rating of Puget Sound Power & Light Co., after Puget Power had begun financing its potentially stranded investment in demand-side management through a conservation grantor trust (em then the only domestic securitization of recovery revenues to date. In the Puget Power situation, said D&P, the right of the utility to collect the tariff could not be rescinded or adversely changed, and the sale of the right to receive the revenues would be judged a true sale. See also, "Mortgaging Your Conservation: A Way Out for Stranded Investment? by Andrea L. Kelly and Donald E. Gaines, PUBLIC UTILITIES FORTNIGHTLY, Oct. 15, 1995, p. 21.

5"Moody's Calculates Little Change in Potential Stranded Investments," by A. Tucker Hackett, Jonathan Cohen, and Susan D. Abbott (Moody's, December 1996).


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