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���������ֳ�-New York-22 March 2019: ���������ֳ� has affirmed the 'BBB+' Long-Term Issuer Default Rating (IDR) of Eversource Energy and revised the Rating Outlook to Stable from Positive.

���������ֳ� has also affirmed the Long-Term IDRs of Eversource's utility subsidiaries: NSTAR Electric Company (A/Stable), The Connecticut Light and Power Company (CL&P; A-/Stable), Public Service Company of New Hampshire (PSNH; A-/Stable) and NSTAR Gas Company (A-/Stable).

A full list of rating actions follows at the end of this release.

The revision of Eversource's Outlook to Stable from Positive is the result of ���������ֳ�'s weaker leverage expectations, uncertainty about the future of Northern Pass Transmission (NPT) and a large, multiyear capex plan associated with the development of Eversource's recently announced offshore wind power projects.

���������ֳ� expects Eversource's adjusted debt/EBITDAR and FFO-adjusted leverage metrics to average around 4.4x-4.6x and 4.6x-4.9x, respectively, over the 2019-2021 forecast period. These metrics are higher than the upgrade threshold of 4.0x adjusted debt/EBITDAR and 4.5x FFO-adjusted leverage, but are sufficiently strong for the 'BBB+' Long-Term IDR. Federal tax reform and Eversource's 2017 acquisition of Aquarion Water Company both partly contributed to the leverage metrics being higher than previously forecast in 2016 when Eversource's Outlook was revised to Positive.

���������ֳ� had expected NPT to improve Eversource's business risk profile by increasing the company's FERC-regulated transmission assets. ���������ֳ� had also expected NPT to improve Eversource's financial profile by generating strong and predictable cash flows, which could have resulted in projected leverage metrics strong enough to support a rating upgrade.

The New Hampshire Site Evaluation Committee's (NHSEC) May 2018 rejection of NPT at the very least further delayed Eversource's plans to construct the transmission project, if not canceled it. The New Hampshire Supreme Court decided in October 2018 to hear at a yet-to-be-determined date Eversource's appeal of the NHSEC's decision, and it is possible the NHSEC may also revisit the decision at a future date. However, although NPT could still be constructed, ���������ֳ� does not expect Eversource's financial metrics to sufficiently improve over the rating horizon to support a rating upgrade.

KEY RATING DRIVERS

Key Rating Drivers for Eversource

Strength of Regulated Utilities: Eversource's Long-Term IDR primarily reflects the consolidated strength of its regulated electric, natural gas and water utility subsidiaries: CL&P; NSTAR Electric; PSNH; NSTAR Gas; Yankee Gas Services Company (not rated) and Eversource Aquarion Holdings, Inc. (not rated). Eversource's businesses consist of low-risk, regulated operations that generate relatively stable and predictable earnings and cash flow.

Regulatory Diversity: Eversource's three-state service territory provides some regulatory diversity that is further enhanced by significant investment in electric transmission projects regulated by the FERC, which ���������ֳ� considers to be among the most constructive regulatory bodies due to timely cost recovery and formulaic rates of return. FERC-regulated electric transmission operations account for more than one-third of consolidated rate base.

Offshore Wind Projects: In February 2019, Eversource and Danish wind energy developer Orsted entered into a 50-50 joint venture for offshore wind assets in the Northeast. The companies will partner in the development of the 704 MW Revolution Wind offshore wind project and the development of the 130 MW South Fork offshore wind project, in addition to the potential development of other offshore wind projects in two undeveloped New England lease areas.

���������ֳ� expects the development of these large multi-billion dollar offshore wind projects will slightly weaken Eversource's leverage metrics, given that the expected in-service dates of Revolution Wind and South Fork are not until 2023 and 2022, respectively. Near-term credit concerns are partly mitigated by the additional $2 billion of common equity that Eversource announced it would issue over 2019-2023, which would help fund part of its offshore wind construction costs and the large utility capex plan.

Large Utility Capex Plan: Eversource expects to spend $12.75 billion in regulated utility capex over 2019-2023. This is a relatively low-risk growth plan that includes $5.7 billion on electric distribution, $3.3 billion on FERC-regulated electric transmission projects and $2.3 billion on natural gas distribution. Although this is a large utility capex plan, most of Eversource's planned utility capex will be recovered with limited lag, reflecting FERC construction work in progress, electric distribution trackers and natural gas distribution infrastructure expansion cost-recovery mechanisms.

Solid Financial Profile: Leverage weakened somewhat due to federal tax reform and the Aquarion acquisition, but Eversource has been able to maintain a solid financial profile, supported by stable and predictable cash flows from its regulated utility subsidiaries. ���������ֳ� expects leverage metrics to weaken slightly over the intermediate term as Eversource develops its offshore wind projects but to remain adequate for the rating. ���������ֳ� expects Eversource's adjusted debt/EBITDAR and FFO-adjusted leverage metrics to average around 4.4x-4.6x and 4.6x-4.9x, respectively, over the 2019-2021 forecast period.

Cost Savings: Operational changes implemented following the 2012 acquisition of NSTAR Electric and NSTAR Gas have provided long-term cost-saving opportunities. These cost-cutting initiatives have been more fruitful than originally anticipated, with annual O&M expense reduced by approximately $250 million through 2016. ���������ֳ� expects management to be able to continue to lower O&M expense over the next few years.

Parent/Subsidiary Linkage: ���������ֳ� uses a bottom-up approach in determining the ratings on Eversource and its utility subsidiaries. The linkage follows a weak parent/strong subsidiary approach. ���������ֳ� considers CL&P, NSTAR Electric, PSNH and NSTAR Gas to be stronger than Eversource due to the utilities' low-risk, regulated operations and the relatively balanced regulatory jurisdictions in which they operate.

There is moderate linkage between the Long-Term IDR of Eversource and that of each of the utility subsidiaries. The moderate linkage is supported by the utilities' good access to debt capital markets and the cash flow diversification provided by six utility businesses. However, the utilities lack strong ring-fencing provisions. ���������ֳ� could allow for up to a two-notch difference in the Long-Term IDRs of Eversource and any of its utility subsidiaries.

Key Rating Drivers for CL&P

Low-Risk Business Profile: CL&P's regulated electric transmission and distribution (T&D) operations have a low-risk business profile. The utility has no commodity exposure, and full revenue decoupling eliminates the impact of weather and usage patterns, providing better predictability to earnings and cash flow. Oversight by the FERC provides CL&P's growing electric transmission business beneficial exposure to one of the more constructive regulatory jurisdictions, helping to counterbalance the state of Connecticut's somewhat restrictive regulatory environment.

Somewhat Restrictive Regulatory Environment: ���������ֳ� considers the regulatory environment for electric utilities in Connecticut to be somewhat restrictive, although it has improved in recent years. Authorized ROEs tend to be below the industry average and periodically include performance penalties.

2017 Rate Case: CL&P's last rate case resulted in a settlement agreement and was authorized by the Connecticut Public Utilities Regulatory Authority in April 2018. The rate agreement incorporated a partially offsetting rate reduction to reflect the lower federal tax rates and included a $124.7 million three-step increase premised on a 9.25% authorized ROE and a 53% equity ratio. An earnings-sharing mechanism would enable CL&P to earn in excess of its authorized ROE.

Large Capex Plan: Capex is expected to remain elevated through the forecast plan, due in large part to significant investments in FERC-regulated regional transmission projects. Management forecasts transmission capex to total approximately $978 million over 2019-2023. Improvements to CL&P's distribution system will also contribute to the large capex plan in the near term. ���������ֳ� expects capex to be funded in a manner consistent with the existing capital structure.

Solid Financial Profile: Financial metrics have weakened slightly due to tax reform but remain supportive of the ratings, aided by cost-saving efficiencies and reductions to O&M expense. Growth from FERC-regulated transmission investments that receive timely cost recovery and above-average returns contribute to the strong and stable cash flows. ���������ֳ� expects adjusted debt/EBITDAR and FFO-adjusted leverage to average around 3.1x-3.4x and 3.5x-3.8x, respectively, through 2021.

Key Rating Drivers for NSTAR Electric

Low-Risk Business Profile: NSTAR Electric's ratings largely reflect the low business risk and stable cash flows of its regulated electric T&D operations. The company has no commodity exposure and a decoupling mechanism that eliminates the effect of weather and usage patterns on revenue. A significant and growing share of the rate base is derived from FERC-regulated electric transmission investments.

Balanced Regulatory Environment: ���������ֳ� considers the regulatory environment overseen by the Massachusetts Department of Public Utilities (DPU) to be relatively balanced, supporting NSTAR Electric's strong financial profile. NSTAR Electric benefits from full revenue decoupling and several cost-recovery mechanisms, which enhance the stability and predictability of cash flows. The DPU permits recovery outside of general rate cases for pension and post-retirement benefits, energy efficiency program costs and the associated lost revenue, and storm costs.

2018 Rate Case: In December 2018, the DPU authorized NSTAR Electric a $4.8 million electric rate increase. This rate increase was comprised of a performance based ratemaking adjustment increase of $31.9 million offset by a distribution rate decrease of $27.1 million to account for the return of excess accumulated deferred income taxes to ratepayers as a result of federal tax reform.

Large Capex Plan: Capex is expected to remain elevated through the forecast plan, due in large part to significant investments in FERC-regulated regional transmission projects. Management forecasts transmission capex to total more than $1.7 billion over 2019-2023. Improvements to NSTAR Electric's distribution system will also contribute to the large capex plan in the near term. ���������ֳ� expects capex to be funded in a manner consistent with the existing capital structure.

Solid Financial Metrics: NSTAR Electric's financial profile is adequately positioned within its rating level, benefiting from a conservative capital structure and robust cash flows. Ongoing investments in FERC-regulated transmission projects receive timely cost recovery and above-average returns, which should enable the utility to maintain its financial strength. ���������ֳ� expects NSTAR Electric's adjusted debt/EBITDAR and FFO-adjusted leverage to average around 3.1x-3.4x and 3.5x-3.8x, respectively, through 2021.

Key Rating Drivers for PSNH

Low-Risk Business Profile: PSNH's ratings largely reflect the low business risk and stable cash flows of its regulated electric T&D operations. PSNH has no commodity exposure and fully passes through all power supply costs to its customers. A significant share of PSNH's rate base is derived from FERC-regulated electric transmission investments.

Balanced Regulatory Environment: ���������ֳ� considers the regulatory environment overseen by the New Hampshire Public Utilities Commission (NHPUC) to be relatively balanced. The NHPUC allowed PSNH to issue rate reduction bonds in 2018 to recover the stranded costs associated with the state-mandated sale of PSNH's thermal and hydroelectric generation facilities. FERC oversight of PSNH's electric transmission business provides beneficial regulatory diversification.

Transmission Capex: PSNH's capex is expected to become more focused on transmission assets following the sale of the utility's generation facilities. Management expects to spend $656 million on transmission capex over 2019-2023. FERC-regulated transmission projects receive timely recovery of their costs, formulaic rates and attractive ROEs, which should enable PSNH to maintain its sold financial profile.

Strong Financial Metrics: PSNH's ratings are also supported by strong financial metrics. Growth in FERC-regulated transmission projects is expected to further strengthen cash flows, with reductions in O&M expense and other cost-cutting initiatives improving EBITDA margins. ���������ֳ� expects PSNH's adjusted debt/EBITDAR and FFO-adjusted leverage to both average around 3.1x-3.4x through 2021.

Key Rating Drivers for NSTAR Gas

Low-Risk Business Profile: NSTAR Gas' regulated natural gas distribution operations have a low-risk business profile. NSTAR Gas has no commodity exposure and benefits from a decoupling mechanism that eliminates the impact of weather and usage patterns on revenue. Fuel supply costs are recovered through a seasonal cost of gas adjustment clause that is reset semiannually.

Balanced Regulatory Environment: NSTAR Gas operates in a relatively balanced regulatory environment overseen by the DPU. The utility's most recent rate case resulted in a $15.8 million base rate increase effective Jan. 1, 2016. This was the utility's first rate case since 2005 and its first base rate increase since 1991. The DPU authorized a 9.8% ROE -- slightly above the nationwide average for natural gas distribution utilities -- and implemented revenue decoupling, which provides a greater level of stability and predictability to earnings and cash flows.

Gas System Enhancement Program: NSTAR Gas' Gas System Enhancement Program (GSEP) accelerates the replacement of certain natural gas distribution facilities to within 25 years. A DPU-approved tariff allows for annual adjustments to recover program costs. ���������ֳ� expects the tariff adjustment to mitigate the financial pressure associated with funding GSEP capex over the forecast period.

Adequate Financial Metrics: Financial metrics are expected to remain adequate for the rating. DPU preapproval and cost-recovery mechanisms ease the financial pressure and cost recovery risk associated with NSTAR Gas' accelerated pipe replacement program. ���������ֳ� expects NSTAR Gas' adjusted debt/EBITDAR and FFO-adjusted leverage to average around 3.7x-4.0x and 4.1x-4.4x, respectively, through 2021.

DERIVATION SUMMARY

Eversource is comfortably positioned in the 'BBB+' rating category. Eversource has a strong business risk profile, primarily attributed to its ownership predominantly of regulated utilities. The utility subsidiaries of Eversource and peer AVANGRID, Inc. (BBB+/Stable) operate in some of the same states in the Northeast in relatively balanced regulatory environments. Eversource and AVANGRID both benefit from a meaningful amount of regulatory diversification and significant exposure to FERC oversight of their electric transmission assets, favorable factors that peer Consolidated Edison, Inc. (ConEd; BBB+/Stable) lacks. AVANGRID has an unregulated renewable energy business, which ���������ֳ� considers to be riskier than regulated utility operations. Eversource's financial metrics are supportive of its 'BBB+' rating and similar to those of ConEd, but not nearly as strong as those of AVANGRID. ���������ֳ� expects Eversource's adjusted debt/EBITDAR and FFO-adjusted leverage to average around 4.4x-4.6x and 4.6x-4.9x, respectively, through 2021; AVANGRID's leverage metrics are both expected to average around 3.0x-3.5x.

CL&P compares adequately with peers at its 'A-' Long-Term IDR. CL&P and The United Illuminating Company (UI; BBB+/Positive) are low-risk electric T&D utilities that operate in Connecticut. ���������ֳ� considers the regulatory environment in Connecticut to be somewhat restrictive for electric utilities, and authorized ROEs are low relative to the nationwide average. The operations of CL&P and UI are comparable, and both utilities have revenue decoupling. Each utility also has a significant amount of FERC-regulated electric transmission assets, which are relatively low-risk and provide stable and predictable cash flows, helping to provide a favorable offset to Connecticut regulation. CL&P is roughly 4x larger than UI in terms of EBITDA, providing for some benefit due to scale, which helps counter CL&P's slightly weaker leverage metrics. ���������ֳ� expects CL&P's adjusted debt/EBITDAR and FFO-adjusted leverage to average around 3.1x-3.4x and 3.5x-3.8x, respectively, through 2021.

NSTAR Electric is compares adequately with peers at its 'A' Long-Term IDR. NSTAR Electric operates in a balanced regulatory environment in Massachusetts and benefits from a significant amount of FERC-regulated electric transmission assets, which are relatively low-risk and provide stable and predictable cash flows. NSTAR Electric and peer companies CL&P and Consolidated Edison Company of New York, Inc. (CECONY; BBB+/Stable) all have revenue decoupling, and CL&P has a significant amount of FERC-regulated electric transmission assets. CL&P and CECONY, however, operate in regulatory environments in Connecticut and New York that ���������ֳ� considers to be somewhat more restrictive than in Massachusetts. NSTAR Electric further benefits from a strong financial profile. ���������ֳ� expects NSTAR Electric's adjusted debt/EBITDAR and FFO-adjusted leverage to average around 3.1x-3.4x and 3.5x-3.8x, respectively, through 2021.

PSNH compares adequately with peers at its 'A-' Long-Term IDR. PSNH has a similar business profile as Central Maine Power Company (CMP; BBB+/Stable) and UI. PSNH and CMP operate in what ���������ֳ� considers to be relatively balanced regulatory environments in New Hampshire and Maine, respectively, while UI operates in a somewhat restrictive regulatory environment for electric utilities in Connecticut. All three entities benefit from significant exposure to FERC-regulated transmission assets, which are relatively low-risk and provide stable and predictable cash flows. ���������ֳ� expects PSNH's financial metrics to remain strong through 2021, with adjusted debt/EBITDAR and FFO-adjusted leverage both averaging around 3.1x-3.4x.

NSTAR Gas compares adequately with peers at its 'A-' Long-Term IDR. NSTAR Gas benefits from a stronger business risk profile than peer natural gas distribution utilities The Berkshire Gas Company (BGC; A-/Stable), Connecticut Natural Gas Corporation (A-/Stable) and The Southern Connecticut Gas Company (BBB+/Positive). NSTAR Gas is much larger than fellow Massachusetts utility BGC, providing some benefit due to scale. ���������ֳ� also considers the regulatory environment for natural gas distribution utilities in Massachusetts to be more constructive than that in Connecticut. These favorable aspects for NSTAR Gas are offset by its weaker financial metrics than its peers. ���������ֳ� expects NSTAR Gas' adjusted debt/EBITDAR and FFO-adjusted leverage to average around 3.7x-4.0x and 4.1x-4.4x, respectively, through 2021.

KEY ASSUMPTIONS

���������ֳ�'s Key Assumptions Within Our Rating Case for the Issuers:
- Consolidated rate base growing to $24.5 billion by year-end 2023;
- Consolidated utility capex of $12.75 billion over 2019-2023;
- CL&P's transmission capex totaling $978 million over 2019-2023;
- NSTAR Electric's transmission capex totaling more than $1.7 billion over 2019-2023;
- PSNH's transmission capex totaling $656 million over 2019-2023;
- Flat-to-declining electric sales growth;
- Natural gas sales growth averaging 2% per year;
- O&M expense reductions through 2021;
- Excludes the construction of NPT;
- Normal weather.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to a Positive Rating Action:
Eversource
- A one-notch upgrade to Eversource's Long-Term IDR would likely occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to average around 4.0x and 4.5x, respectively, on a sustained basis.

CL&P
- A positive rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to be less than 3.0x and 3.5x, respectively, on a sustained basis.

NSTAR Electric
- A positive rating action could occur if Eversource were upgraded and ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to be less than 2.5x and 3.0x, respectively. Ratings upside is restricted by a maximum two-notch differential between the Long-Term IDRs of NSTAR Electric and Eversource.

PSNH
- A positive rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to be less than 3.0x and 3.5x, respectively, on a sustained basis.

NSTAR Gas
- A positive rating action is not likely due to the utility's small scale of operations and large capex plan. However, a positive rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to be less than 3.0x and 3.5x, respectively, on a sustained basis.

Developments That May, Individually or Collectively, Lead to a Negative Rating Action:
Eversource
- A negative rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to exceed 4.7x and 5.2x, respectively, on a sustained basis;
- A negative rating action also could occur as a result of adverse regulatory actions or other events that resulted in downgrades to Eversource's utility subsidiaries.

CL&P
- A negative rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to exceed 4.0x and 4.5x, respectively, on a sustained basis;
- An adverse regulatory decision that meaningfully reduces the stability and predictability of earnings and cash flow could also result in a negative rating action.

NSTAR Electric
- A negative rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to exceed 3.5x and 4.0x, respectively, on a sustained basis;
- An adverse regulatory decision that meaningfully reduces the stability and predictability of earnings and cash flow could also result in a negative rating action;
- A negative rating action would occur if Eversource's Long-Term IDR were downgraded, given ���������ֳ�'s maximum allowed two-notch differential between the Long-Term IDRs of the two entities.

PSNH
- A negative rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to exceed 4.0x and 4.5x, respectively, on a sustained basis;
- An adverse regulatory decision that meaningfully reduces the stability and predictability of earnings and cash flow could also result in a negative rating action.

NSTAR Gas
- A negative rating action could occur if ���������ֳ� were to expect adjusted debt/EBITDAR and FFO-adjusted leverage to exceed 4.0x and 4.5x, respectively, on a sustained basis;
- An adverse regulatory decision that meaningfully reduces the stability and predictability of earnings and cash flow could also result in a negative rating action.

LIQUIDITY

Adequate Liquidity: ���������ֳ� considers the liquidity for Eversource and each of its regulated utility subsidiaries to be adequate.

Eversource has a $1.45 billion CP program that the company uses to provide its subsidiaries with intercompany loans. Eversource, CL&P, PSNH, NSTAR Gas and Yankee Gas participate in a joint $1.45 billion revolving credit facility (RCF), which primarily supports Eversource's CP program. The RCF terminates Dec. 8, 2023. Under the RCF, there is a $600 million borrowing sublimit for CL&P and a $300 million sublimit for each of NSTAR Gas, PSNH and Yankee Gas. Eversource had $631.5 million of CP borrowings outstanding as of Dec. 31, 2018, leaving $818.5 million of available borrowing capacity.

Eversource's outstanding intercompany loans as of Dec. 31, 2018 consisted of $57 million to PSNH.

NSTAR Electric maintains its own $650 million CP program that is backstopped by an equal-sized RCF. NSTAR Electric's $650 million RCF is separate from the shared RCF of parent Eversource and the other utilities but also terminates on Dec. 8, 2023. NSTAR Electric had $278.5 million of CP borrowings outstanding as of Dec. 31, 2018, leaving $371.5 million of available borrowing capacity.

Eversource's water distribution business has a $100 million RCF that expires on Aug. 19, 2019. The water distribution business did not have any borrowings outstanding under its RCF as of Dec. 31, 2018.

Eversource and its utility subsidiaries require modest cash on hand; the company had $108 million of unrestricted cash as of Dec. 31, 2018.

Long-term debt maturities over the next five years are manageable:
--At the parent level, Eversource has $350 million of 4.5% senior unsecured debentures due Nov.15, 2019, $450 million of 2.5% senior unsecured notes due March 15, 2021, $750 million of 2.75% senior unsecured notes due March 15, 2022, $450 million of 2.8% senior unsecured notes due May 1, 2023 and $400 million of 3.8% senior unsecured notes due Dec. 1, 2023.
--CL&P has $400 million of 2.5% FMBs due Jan. 15, 2023.
--NSTAR Electric has $95 million of 5.1% senior unsecured notes due March 1, 2020, $250 million of 3.5% senior unsecured notes due Sept. 15, 2021, $400 million of 2.375% debentures due Oct. 15, 2022 and $80 million of 3.88% senior unsecured notes due Nov. 15, 2023.
--PSNH has $150 million of 4.5% FMBs due Dec. 1, 2019, $122 million of 4.05% FMBs due June 1, 2021, $160 million of 3.2% FMBs due Sept. 1, 2021 and $325 million of 3.5% FMBs due Nov. 1, 2023.
--NSTAR Gas has $125 million of 4.46% FMBs due Jan. 1, 2020 and $25 million of 9.95% FMBs due Dec. 1, 2020.

FULL LIST OF RATING ACTIONS

���������ֳ� has affirmed the following ratings and revised the Outlook to Stable from Positive:
Eversource Energy
--Long-Term IDR at 'BBB+';
--Short-Term IDR at 'F2';
--Senior unsecured debt at 'BBB+';
--CP at 'F2'.

���������ֳ� has affirmed the following ratings and maintained the Stable Outlook:
The Connecticut Light and Power Company
--Long-Term IDR at 'A-';
--Senior secured debt at 'A+';
--Preferred stock at 'BBB+'.

NSTAR Electric Company
--Long-Term IDR at 'A';
--Short-Term IDR at 'F1';
--Senior unsecured debt at 'A+';
--Preferred stock at 'A-';
--CP at 'F1'.

Public Service Company of New Hampshire
--Long-Term IDR at 'A-';
--Senior secured debt at 'A+'.

NSTAR Gas Company
--Long-Term IDR at 'A-';
--Senior secured debt at 'A+'.

Contact:

Primary Analyst
Kevin L. Beicke, CFA
Director
+1 212-908-0618
���������ֳ�, Inc.
33 Whitehall Street
New York, NY 10004

Secondary Analyst
Shalini Mahajan, CFA
Managing Director
+1 212-908-0351

Committee Chairperson
Philip W. Smyth, CFA
Senior Director
+1 212-908-0531

Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entities are disclosed below:
--Operating leases are capitalized using the 8x rent expense method;
--Securitization debt is removed from all financial metric calculations for Eversource and PSNH;
--50% equity credit for preferred stock of CL&P and NSTAR Electric.

Media Relations: Elizabeth Fogerty, New York, Tel: +1 212 908 0526, Email: elizabeth.fogerty@thefitchgroup.com

Additional information is available on
Applicable Criteria
Corporate Hybrids Treatment and Notching Criteria (pub. 09 Nov 2018)
Corporate Rating Criteria (pub. 19 Feb 2019)
Corporates Notching and Recovery Ratings Criteria (pub. 23 Mar 2018)
Parent and Subsidiary Rating Linkage (pub. 16 Jul 2018)
Sector Navigators (pub. 23 Mar 2018)

Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
Solicitation Status
Endorsement Policy