Rating Action: Moody's Ratings downgrades Connecticut Light

and Power to Baa1, stable outlook; affirms Eversource's Baa2

and NSTAR Electric's A2 ratings, negative outlooks

24 Jun 2025

Approximately $5.8 billion of rated securities downgraded

New York, June 24, 2025 -- Moody's Ratings (Moody's) downgraded The Connecticut Light and
Power Company's (CL&P) ratings, including its Issuer rating to Baa1 from A3, and changed its
outlook to stable from negative. At the same time, we affirmed Eversource Energy's (Eversource)
ratings, including its Baa2 Issuer and senior unsecured ratings, as well as NSTAR Electric
Company's (NSTAR Electric) ratings, including its A2 Issuer and senior unsecured ratings. The
outlooks of Eversource and NSTAR Electric remain negative. A complete list of the rating actions
is included towards the end of this press release.

RATINGS RATIONALE

"The downgrade of The Connecticut Light and Power to Baa1 primarily reflects a Connecticut
regulatory jurisdiction that is currently the least credit supportive utility regulatory environment
in the US", said Jeff Cassella, Moody's Ratings VP-Senior Credit officer. "This environment has
been characterized by higher political scrutiny as well as inconsistent regulatory decisions and
rate case outcomes," added Cassella.

As a result, over the last several years, CL&P's financial profile has exhibited significant volatility
primarily due to swings in regulatory adjustment mechanisms as well as delayed recovery of
storm costs. Although CL&P's financial metrics have begun to recover this year, including a ratio
of cash flow from operations before changes in working capital (CFO pre-W/C) to debt of 23.0%
for the 12-months ended 31 March 2025, the company's CFO pre-W/C to debt ratio was as low as
13.8% in 2023. Given the challenging Connecticut regulatory environment, it is uncertain
whether CL&P will be able to consistently maintain strong financial metrics going forward, and
the utility's overall credit quality is no longer commensurate with an A3 rating.

There are several critical state regulatory and legislative actions that could impact CL&P's credit
profile over the next 2-3 years and highlight the credit risks and regulatory lag that the utility
faces. CL&P's ongoing deferred storm cost prudence review is currently pending with the Public
Utilities Regulatory Agency (PURA), in which the utility has requested review of approximately
$800 million of deferred costs related to storms from 2018 through 31 January 2023. PURA's
decision is expected in the third quarter of this year and will determine the amount of costs that
are deemed prudent and ultimately be recovered by CL&P. However, the timing of this recovery
will not be established until a formal rate case proceeding is filed, which we expect to occur
some time in late 2026. Virtually all other state regulatory jurisdictions provide their utilities
with much more expedited and timely recovery of costs incurred during storms.

In addition, there is potential for securitization legislation to be passed in Connecticut this

summer which, if approved by PURA, would enable CL&P to recover deferred storm costs in a
more timely manner. Many other states already have securitization provisions in place, which has
supported the credit profiles of utilities in those jurisdictions.

The negative outlook on Eversource reflects continued uncertainty with regard to the company's
ongoing efforts to improve its financial profile to a level that is supportive of the current Baa2
rating. The execution of the sale of its Aquarion water utility subsidiary later this year, including
the use of proceeds to pay down holdco debt; cash flow improvement at its utilities; and
continued progress on the Revolution Wind offshore wind project such that Eversource's
contingent exposure to cost overruns remains manageable are important variables that will
determine the parent company's credit quality going forward.

The negative outlook on NSTAR Electric had primarily reflected the weak credit profile of
Eversource, the prospect that the parent company could be downgraded, and the potential that
Eversource will need to incrementally rely on NSTAR Electric to support parent debt and
dividend obligations. However, NSTAR Electric now exhibits a financial profile that is weak for
its rating, including a ratio of CFO pre-W/C to debt of 18.3% for the 12-months ended 31 March
2025, which is also contributing to the negative outlook. Even if Eversource is successful in
stabilizing its own credit profile, it may be challenging for NSTAR Electric to improve its
financial metrics and sustain them at a level that is appropriate for its current A2 rating,
including a CFO pre-W/C to debt ratio above 19%, particularly as the utility continues an
elevated capital expenditure program.

CL&P's Baa1 rating and stable outlook are supported by a transmission business that accounts
for a substantial portion of its rate base and operates within the highly credit supportive FERC
regulatory framework. There are also a few supportive state regulatory provisions in place,
including multiyear rate plans, revenue decoupling and purchased power cost recovery
mechanisms. However, due to CL&P's 2021 settlement agreement that was largely in response to
the PURA's investigation of the utility's 2020 storm responsiveness, CL&P was in a distribution
rate freeze through 1 January 2024 and the utility will likely not file for new rates until late 2026,
negating many of these provisions.

The affirmation of Eversource's Baa2 rating reflects the company's ongoing efforts to transition
to its previous lower-risk business model as solely a holding company of a diverse group of
regulated electric and gas transmission and distribution utilities in the greater New England
region. Aside from the unsupportive Connecticut regulatory environment, which accounts for
roughly 30% of Eversource's total rate base, the company's Massachusetts and New Hampshire
utilities operate in generally credit supportive regulatory jurisdictions. Additionally, a relatively
large portion of Eversource's rate base operates within the highly supportive FERC regulatory
framework.

Over the last few years, Eversource's financial metrics had been adversely affected by increased
debt to finance offshore wind project development costs. Furthermore, Eversource's utilities
have also been impacted by severe storms and subsequent delays in cost recovery particularly
due to a distribution rate freeze at CL&P. For the 12-months ended 31 March 2025, Eversource's
ratio of CFO pre-W/C to debt was 11.5%, up from 9.2% in 2024, but still below the 13% financial
metric threshold that we have indicated could lead to a downgrade. Eversource's ratings also
reflect structural subordination of the sizable level of parent debt compared to the debt of its
operating subsidiaries. Holding company debt as a percentage of consolidated long and short-
term debt (after netting intercompany borrowings) is currently roughly 28%.

The affirmation of NSTAR Electric's A2 rating reflects its low-risk business profile as a regulated
electric T&D utility operating in the credit supportive FERC and Massachusetts regulatory
jurisdictions. Both regulatory frameworks provide relatively timely cost and investment recovery
mechanisms and above average allowed returns that until recently have allowed NSTAR Electric
to maintain a relatively high degree of cash flow stability and predictability.

OUTLOOK

CL&P's stable outlook reflects our expectation that the utility will maintain a ratio of CFO pre-
W/C to debt at least in the high teens with its FERC regulated assets helping to offset the
challenges under the Connecticut regulatory environment. At the same time, the stable outlook
reflects the company's ongoing effort to rebuild its relationship with key stakeholders including
regulators, state leaders and customers and the potential that storm costs could be recovered
through pending regulatory proceedings or securitization.
Eversource's negative outlook reflects continued uncertainty around the company's ability to
improve its weak financial profile and consistently sustain a ratio of CFO pre-W/C to debt above
13%, while also successfully executing the Aquarion water utility sale and managing its exposure
to potential contingent liabilities associated with the Revolution Wind project.

NSTAR Electric's negative outlook reflects both the parent and utility's weak financial profiles
and the potential that the utility will not be able to improve its financial metrics, such that its
ratio of CFO pre-W/C to debt is sustained above 19%, particularly during its elevated capital
investment program.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that could lead to an upgrade

CL&P could be upgraded if the credit supportiveness of the Connecticut regulatory environment
substantially improves with future regulatory decisions that enhance the timeliness of the
recovery of costs and investments and allow for higher allowed returns. In addition, an upgrade
could be considered if we expect CL&P will be able to sustain a stronger financial profile on a
consistent basis, including a ratio of CFO pre-W/C to debt of 20% or higher.

Given the negative outlook, it is unlikely that Eversource will be upgraded in the near term.
However, Eversource's outlook could be changed to stable if the company executes on the
Aquarion water utility sale and pays down holdco debt with the proceeds; and the company's
financial profile strengthens, such that its ratio of CFO pre-W/C will be sustained at or above
13%, while also demonstrating its ability to manage any potential contingent liabilities associated
with the Revolution Wind project.

An upgrade of NSTAR Electric is also unlikely over the near term given the negative outlook.
However, NSTAR Electric's outlook could be revised to stable if the utility improves its financial
profile including a CFO pre-W/C to debt ratio sustained above 19%. An upgrade of NSTAR
Electric would likely require that Eversource be upgraded; the regulatory environments in which
the utility subsidiary operates remain credit supportive, and its key financial metrics improve
such that its CFO pre-W/C to debt ratio is sustained above 22%.

Factors that could lead to a downgrade

CL&P could be downgraded if Connecticut regulatory decisions continue to be contentious or

unsupportive of credit quality or if CL&P's financial performance deteriorates such that its ratio
of CFO pre-W/C to debt falls below 17% on a sustained basis.

Eversource could be downgraded if the company does not successfully execute the Aquarion
water utility sale, faces additional obligations related to Revolution Wind or it's financial metrics
do not improve from currently weak levels, including a ratio of CFO pre-W/C to debt that remains
below 13%. A downgrade of Eversource's senior unsecured rating to Baa3 would also cause its
short-term commercial paper rating to be downgraded to P-3 from P-2.

NSTAR Electric could be downgraded if Eversource is downgraded, due to its ownership by a

weaker parent. NSTAR Electric could be downgraded if there is a deterioration in the credit
supportiveness of the Massachusetts or FERC regulatory environments including material delays
in the recovery of costs and investments. A downgrade could also occur if the utility is unable to
sustain financial metrics appropriate for the current A2 rating, including a ratio of CFO pre-W/C
to debt above 19%. A downgrade of NSTAR Electric's senior unsecured rating to A3 would also
cause its short-term commercial paper rating to be downgraded to P-2 from P-1.

Headquartered in Hartford, CT and Boston, MA, Eversource Energy is a public utility holding
company of regulated electric and gas T&D and water utilities in the New England region
serving approximately 4.6 million customers. Eversource has a total rate base of about $30
billion. CL&P serves about 1.3 million customers in Connecticut and is the largest operating
subsidiary of Eversource Energy. NSTAR Electric serves approximately 1.6 million customers in
western MA and eastern MA including the City of Boston and is the second largest subsidiary of
Eversource Energy.

Eversource's other companies include regulated utilities; Public Service Company of New
Hampshire (PSNH, A3 stable); natural gas distribution companies, Yankee Gas Services
Company (YGS, Baa1 stable), Eversource Gas of MA (EGMA) and NSTAR Gas. Eversource is in
the process of selling its water companies, Aquarion Company, which operates regulated water
utilities Aquarion Water Company of Connecticut (AWC-CT, Baa1 stable), Aquarion Water
Company of Massachusetts and Aquarion Water Company of New Hampshire.

LIST OF AFFECTED RATINGS

Issuer: Eversource Energy

..Affirmations:

.... LT Issuer Rating, Affirmed Baa2

.... Senior Unsecured Regular Bond/Debenture, Affirmed Baa2

.... Senior Unsecured Shelf, Affirmed (P)Baa2

.... Preferred Shelf, Affirmed (P)Ba1

.... Commercial Paper, Affirmed P-2

..Outlook Actions:

....Outlook, Remains Negative

Issuer: Connecticut Light and Power Company (The)

..Downgrades:

.... LT Issuer Rating, Downgraded to Baa1 from A3

.... Preferred Stock, Downgraded to Baa3 from Baa2

.... Senior Secured First Mortgage Bonds, Downgraded to A2 from A1

.... Backed Senior Secured First Mortgage Bonds, Downgraded to A2 from A1

.... Underlying Senior Secured First Mortgage Bonds, Downgraded to A2 from A1

..Outlook Actions:

....Outlook, Changed To Stable From Negative

Issuer: NSTAR Electric Company

..Affirmations:

.... LT Issuer Rating, Affirmed A2

.... Senior Unsecured Regular Bond/Debenture, Affirmed A2

.... Preferred Stock, Affirmed Baa1

.... Commercial Paper, Affirmed P-1

..Outlook Actions:

....Outlook, Remains Negative

Issuer: Western Massachusetts Electric Company

..Affirmations:

.... Senior Unsecured Regular Bond/Debenture, Affirmed A2 (Assumed by NSTAR Electric

Company)

Issuer: Connecticut Development Authority

..Affirmations:

.... Backed Senior Unsecured Revenue Bonds, Affirmed A2

The principal methodology used in these ratings was Regulated Electric and Gas Utilities
published in August 2024 and available at https://ratings.moodys.com/rmc-documents/426183.
Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy
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The net effect of any adjustments applied to rating factor scores or scorecard outputs under the
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announcement.

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