CenterPoint Energy announces outlook revision to Stable by Moody's

CenterPoint Energy, Inc. (NYSE: CNP) announced on December 3, 2020, that Moody's Investors Service upgraded its rating outlook from Negative to Stable, while affirming a Baa2 senior unsecured rating and a Prime–2 short–term rating for commercial paper.

Rhea-AI Summary

CenterPoint Energy, Inc. (NYSE: CNP) announced on December 3, 2020, that Moody's Investors Service upgraded its rating outlook from Negative to Stable, while affirming a Baa2 senior unsecured rating and a Prime–2 short–term rating for commercial paper. This change reflects the company's successful efforts to stabilize credit metrics and improve liquidity and overall financial stability. CenterPoint, serving over 7 million customers across several states, owns approximately $33 billion in assets and has a significant stake in Enable Midstream Partners, LP.

Positive

• Moody's upgraded the company's rating outlook from Negative to Stable.
• The affirmed Baa2 and Prime–2 ratings indicate improved financial stability and creditworthiness.
• Corporate actions have successfully stabilized credit metrics and improved liquidity.

Negative

• None.

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HOUSTON, Dec. 3, 2020 /PRNewswire/ -- CenterPoint Energy, Inc. (NYSE: CNP), today announced that Moody's Investors Service ("Moody's") changed the company's rating outlook from Negative to Stable and affirmed the company's Baa2 senior unsecured rating and Prime–2 short–term rating for commercial paper.

"Moody's revision is an important vote of confidence in the credit-supportive actions we have taken as a company this year to improve our financial stability and strengthen our balance sheet," said Jason Wells, Executive Vice President and Chief Financial Officer of CenterPoint Energy.  

Moody's attributed the change to corporate actions which stabilized credit metrics, improved liquidity, strengthened the balance sheet and lowered the company's business risk profile.

As the only investor-owned electric and gas utility based in Texas, CenterPoint Energy, Inc. (NYSE: CNP) is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Arkansas, Indiana, Louisiana, Minnesota, Mississippi, Ohio, Oklahoma and Texas. As of September 30, 2020, the company owned approximately $33 billion in assets and also owned 53.7 percent of the common units representing limited partner interests in Enable Midstream Partners, LP, a publicly traded master limited partnership that owns, operates and develops strategically located natural gas and crude oil infrastructure assets. With approximately 9,600 employees, CenterPoint Energy and its predecessor companies have been in business for more than 150 years. For more information, visit CenterPointEnergy.com.

For more information contact
Media:
Communications
Media.Relations@CenterPointEnergy.com
Investors:
David Mordy
Phone 713.207.6500

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SOURCE CenterPoint Energy, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Moody's announce regarding CenterPoint Energy on December 3, 2020?

Moody's changed the rating outlook for CenterPoint Energy (CNP) from Negative to Stable and affirmed its Baa2 senior unsecured rating.

How many customers does CenterPoint Energy serve?

CenterPoint Energy serves over 7 million metered customers across multiple states.

What is the significance of Moody's rating for CenterPoint Energy investors?

The Stable outlook and affirmed ratings indicate improved financial stability and reduced business risk, which can positively impact investor confidence.

What is CenterPoint Energy's asset value as of September 30, 2020?

As of September 30, 2020, CenterPoint Energy owned approximately $33 billion in assets.