The rating affirmation was based on a number of factors, including Blanchard’s dominant market position and manageable capital needs over the next several years.
Offsetting these strengths are the system’s moderate size, which contributes to variable volume intake and a declining but relatively high debt position.
The outlook is stable, which reflects Moody’s expectation that operating margins will stay strong, no new material debt will be issued and the investment position will remain strong given capital plans.
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