For the second time in less than a week, a major credit agency has lowered the credit rating on a Connecticut utility, saying again that a series of inconsistent and adverse rate decisions by the state Public Utility Regulatory Authority has undermined Eversource’s financial position.

The reduction by S&P Global of the Eversource credit score from A- to BBB+ means the cost of borrowing to fund operations will increase not only in Connecticut, but across the remainder of its operating territory in Massachusetts and New Hampshire, where it has electric, gas and water subsidiaries.

On Friday, S&P cut its credit ratings for Avangrid’s Connecticut subsidiaries Connecticut Natural Gas and Southern Connecticut Gas for the same reasons.

“We … expect the regulatory jurisdiction to provide a consistent and predictable regulatory framework that results in cash flow stability,” S&P said in its ratings notice, released late Monday. “Given, the current trend in Connecticut, we now expect that the PURA will continue to order less-than-credit supportive rate case orders over the longer-term.”

Both the Avangrid and Eversource downgrade were expected by the utility industry, which has been critical for months of PURA decision making under the leadership of Gov. Ned Lamont’s chairwoman, Marissa Gillett. Eversource Vice President Douglas Horton blasted PURA in a statement released after S&P issued its rate cut.

“This latest ratings action is independent confirmation that the Connecticut regulatory environment is harming the ability of electric, water and gas companies to hold financing costs down for customers, particularly residents and businesses who are feeling the burden of high energy costs,” Horton said.

“Credit ratings are a report card on the financial health of a state’s business environment, and this new ratings action shows that not only is Connecticut failing that test, there is now a ripple effect for our customers in Massachusetts and New Hampshire as well. The negative impact of these credit rating downgrades will be long-lasting, costing customers more money for decades, extending far beyond any single rate cycle,” Horton said.

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