Eversource 2012 Annual Report Download - page 53

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40
A summary of the current credit ratings and outlooks by Moody's, S&P and Fitch for senior unsecured debt of NU parent, NSTAR
Electric, and WMECO and senior secured debt of CL&P and PSNH is as follows:
Moody's
S&P
Fitch
Current
Outlook
Current
Outlook
Current
Outlook
NU Parent
Baa2
Stable
BBB+
Stable
BBB+
Stable
CL&P
A3
Stable
A
Stable
A
Stable
NSTAR Electric
A2
Stable
A-
Stable
A+
Stable
PSNH
A3
Stable
A
Stable
A
Stable
WMECO
Baa2
Stable
A-
Stable
A-
Stable
On February 14, 2013, S&P revised its criteria for rating utility first mortgage bonds, resulting in one-level upgrades of CL&P and PSNH
first mortgage bonds by S&P.
We paid common dividends of $375 million in 2012, compared with $194.6 million in 2011. This reflects an increase of approximately
17 percent in our common dividend beginning in the second quarter of 2012 following an increase of approximately 7 percent in the first
quarter of 2012. On February 5, 2013, our Board of Trustees approved a common dividend payment of $0.3675 per share, payable
March 28, 2013 to shareholders of record as of March 1, 2013. The dividend represented an increase of 7.1 percent over the $0.343
per share quarterly dividend paid in December 2012.
In 2012, CL&P, NSTAR LLC, PSNH, and WMECO paid $100.5 million, $141 million, $90.7 million, and $9.4 million, respectively, in
common dividends to NU parent. Since April 10, 2012, NSTAR Electric and NSTAR Gas have paid $159.9 million and $12 million,
respectively, in common dividends to NSTAR LLC. NU parent made equity contributions to CL&P and WMECO of $25 million and $50
million, respectively.
Cash capital expenditures included on the accompanying consolidated statements of cash flows and described in this "Liquidity" section
do not include amounts incurred on capital projects but not yet paid, cost of removal, AFUDC related to equity funds, and the
capitalized portions of pension and PBOP expense or income. A summary of our cash capital expenditures by company for the years
ended December 31, 2012, 2011 and 2010 is as follows:
For the Years Ended December 31,
(Millions of Dollars)
2012
(1)
2011
2010
CL&P
$
449.1
$
424.9
$
380.3
NSTAR Electric
324.3
N/A
N/A
PSNH
203.9
241.8
296.3
WMECO
264.2
238.0
115.2
Natural Gas
148.7
98.2
82.5
NPT
33.5
24.9
7.5
Other
48.6
48.9
72.7
Total
$
1,472.3
$
1,076.7
$
954.5
(1) Cash capital expenditures include NSTAR from the date of merger, April 10, 2012, through December 31, 2012.
The increase in our cash capital expenditures was the result of the addition of NSTAR’s capital expenditures, effective April 10, 2012,
and higher transmission segment cash capital expenditures of $113.8 million, primarily at WMECO and CL&P.
Business Development and Capital Expenditures
Consolidated: Our consolidated capital expenditures, including amounts incurred but not paid, cost of removal, AFUDC, and the
capitalized portions of pension and PBOP expense or income (all of which are non-cash factors), totaled $1.5 billion in 2012, $1.2 billion
in 2011, and $1 billion in 2010. These amounts included $43.1 million in 2012, $51.9 million in 2011, and $68.7 million in 2010, related
to our corporate service companies, NUSCO and RRR.