November 12, 2012 / 6:25 PM / in 5 years

Fitch revises LIPA credit rating outlook to negative

Nov 12 (Reuters) - Fitch Ratings changed its outlook on $5.9 billion of Long Island Power Authority debt to negative from stable on Monday, saying that the aftermath of Superstorm Sandy will put the New York state-owned power company’s tight finances in even more of a squeeze.

The storm is also expected to “frustrate the authority’s efforts to achieve improved financial performance and metrics as forecast,” Fitch said in a statement.

The credit rating agency also affirmed its A rating for LIPA’s $5.9 billion in outstanding electric system revenue bonds.

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