Connecticut’s largest utility company, Eversource, has had its credit rating downgraded by the Standard and Poor’s agency.
Eversource said in a statement released on Tuesday that this means its customers in the state might have to pay higher rates.
On Monday, S&P downgraded Eversource’s subsidiaries — Connecticut Light and Power and Yankee Gas Services, to ‘A-’ from ‘A’ and to ‘BBB’ from ‘A-’, respectively.
The company said its Connecticut customers could pay as much as $270 million over the life of $3 billion in long-term loans for critical infrastructure investments it plans to borrow over the next five years.
Eversource blames Connecticut’s regulatory environment for its credit rating downgrade. But says it’s willing to engage constructively with state officials to achieve a more balanced environment.
State officials were not immediately available for comment.