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The ‘A‒’ Long-Term Issuer Default Rating (IDR) of The Connecticut Light and Power Company (CL&P) primarily reflects the utility’s low-risk regulated electric transmission and distribution (T&D) operations and stable financial profile. These strengths are partially offset by the emerging regulatory headwinds in Connecticut. Connecticut recently passed legislation that may result in a more challenging regulatory environment from a credit perspective, depending on how the final framework is implemented. Historically, authorized ROE in Connecticut tends to be below the industry average and performance-based regulation (PBR) is incrementally risky, given that Connecticut’s Public Utilities Regulatory Authority (PURA) periodically assesses performance penalties.