Maryland utility framework revised to more credit supportive, S&P Global says

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Maryland utility framework revised to more credit supportive, S&P Global says — Maryland utilities upgraded

Maryland's regulatory framework for electricity, gas, and water utilities is now viewed as more credit supportive in S&P Global Ratings' latest jurisdiction review. The update affects how regulatory risk is assessed for rated utilities operating in the state and places Maryland within S&P's broader review of utility regulation across the U.S. and Canada.

Highlights

S&P Global revised Maryland's ratemaking framework for rated electricity, gas, and water utilities to more credit supportive from very credit supportive.
The report does not constitute a rating action but serves as a reference for assessing regulatory risk for utilities and holding companies.
Maryland's new assessment signals a relative decline in regulatory standing within S&P's North American utility regulatory framework, impacting perceived business risk profiles.

Maryland assessment changes in utility review

As reported by S&P Global Ratings, the firm has revised its assessment of Maryland's ratemaking framework for rated electricity, gas, and water utilities to more credit supportive from very credit supportive. The agency says the report does not constitute a rating action.

S&P periodically assesses every regulatory jurisdiction in the U.S. and Canada where a rated utility operates or is present. Its evaluations are used as a reference point when determining the regulatory risk of a regulated utility or a holding company with more than one utility.

Implications for utility credit risk

S&P says its regulatory views range from credit supportive to most credit supportive, reflecting how regulation can influence a utility's business risk profile. The framework considers both quantitative and qualitative factors, including stability, tariff-setting procedures and design, financial stability, independence, and insulation.

Across that continuum, supportive regulation generally strengthens the business risk profile of utilities. For investors and issuers, the Maryland revision signals a change in the state's standing within S&P's broader North American utility regulatory assessment, even though it does not by itself alter any individual credit rating.

In our earlier article on sovereign resilience in a higher-rate environment, we discussed S&P Global Ratings’ view that persistent geopolitical shocks and elevated fiscal spending are increasing borrowing and refinancing risks for governments. We noted that emerging and frontier markets are especially exposed because higher interest-service burdens and narrower revenue bases leave less fiscal headroom when inflation and funding costs stay elevated.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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