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The ‘A’ Long-Term Issuer Default Rating (IDR) of NSTAR Electric Company primarily reflects the utility’s low-risk regulated electric transmission and distribution (T&D) operations and strong financial profile. 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 eliminates the effect of weather and usage patterns on revenue. A significant and growing share of the rate base is derived from electric transmission investments regulated by the Federal Energy Regulatory Commission (FERC). 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 operates under a five-year performance-based ratemaking plan that runs through Dec. 31, 2022. 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 general rate cases for pension and post-retirement benefits, energy-efficiency program costs and the associated lost revenue, and storm costs