Fitch Ratings-New York-19 December 2025:

惠誉评级 - 纽约-2025年12月19日：

Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings (IDRs) of CenterPoint Energy, Inc. (CNP) at 'BBB'/'F2', CenterPoint Energy Houston Electric, LLC (CEHE) at 'BBB+'/'F2', and CenterPoint Energy Resources Corp. (CERC) at 'A-'/'F2'. CEHE's Rating Outlook has been revised to Stable from Negative. The Outlooks for CNP and CERC are Stable.

惠誉评级已确认 CenterPoint Energy, Inc. (CNP) 的长期和短期发行人违约评级 (IDRs) 为 'BBB'/'F2'，CenterPoint Energy Houston Electric, LLC (CEHE) 为 'BBB+'/'F2'，以及 CenterPoint Energy Resources Corp. (CERC) 为 'A-'/'F2'。CEHE 的评级展望已从负面调整为稳定。CNP 和 CERC 的展望为稳定。

The ratings and Stable Outlooks for CNP, CERC and CEHE reflect significant equity issuance and asset sales, improvement in leverage from the recovery of deferred storm costs in rates, and generally balanced rate regulation. The ratings and Stable Outlooks at CNP and CEHE also consider significant progress addressing challenges from 2024 and 2025 storm activity in Texas, authorization of securitization bonds to recover storm restoration costs, and an improving regulatory environment in Texas. CEHE's high leverage is a concern. Unexpected challenges could trigger adverse credit rating action given the lack of headroom in its credit metrics.

CNP、CERC 和 CEHE 的评级及稳定展望反映了显著的股权发行和资产出售、由于恢复延迟的风暴成本而改善的杠杆率，以及总体上平衡的费率监管。CNP 和 CEHE 的评级及稳定展望还考虑了在德克萨斯州应对 2024 年和 2025 年风暴活动挑战的显著进展、授权证券化债券以回收风暴恢复成本，以及德克萨斯州日益改善的监管环境。CEHE 的高杠杆率令人担忧。由于其信用指标缺乏余地，意外挑战可能引发不利的信用评级行动。

Key Rating Drivers

关键评级驱动因素

CenterPoint Energy, Inc.

Balanced Rate Regulation: Rate regulation for CNP is generally credit supportive in Fitch's view. CNP has received constructive regulatory decisions approving settlement agreements in several jurisdictions. Final commission orders increased rates in Indiana and Minnesota. A partial settlement has been reached with intervenors in CNP's Ohio gas base rate case and a final decision is expected in 2026; only the Office of Consumer Counsel has not signed the settlement. If the settlement is approved as filed, annual revenue would increase about $59.6 million. The proceeding was filed in 4Q24 seeking a $100 million rate increase.

平衡的费率监管： 惠誉认为 CNP 的费率监管总体上对信用有支持作用。CNP 在多个司法管辖区获得了批准和建设性的监管决定。最终委员会命令在印第安纳州和明尼苏达州提高了费率。CNP 在俄亥俄州的天然气基础费率案件中与干预者达成了部分和解，预计最终决定将在 2026 年作出；只有消费者顾问办公室尚未签署和解。如果和解按提交的方式获得批准，年收入将增加约 5960 万美元。该程序于 2024 年第四季度提交，寻求 1 亿美元的费率增加。

In Texas, the PUCT authorized a $47 million decrease. Fitch believes the reduction contributed to a rebalancing of the regulatory compact in Texas following adverse customer, political, and regulatory reaction to Hurricane Beryl outages. Fitch believes the regulatory environment in Texas has meaningfully improved, as evidenced by the evolution of tariffs designed to recover certain investments outside of base rate cases. This is offset by below industry average equity as a percentage of regulatory capital (43.25%) and ROE (9.65%). In CNP's last rate case, the PUCT raised these metrics by 75 and 25 basis points, respectively, from previously approved levels.

在德克萨斯州，PUCT 批准了 4700 万美元的降幅。惠誉认为，这一降幅有助于在客户、政治和监管对飓风贝里停电的不利反应后，重新平衡德克萨斯州的监管契约。惠誉认为德克萨斯州的监管环境显著改善，体现在旨在回收某些投资的关税演变上，这些投资不在基础费率案件中。尽管如此，CNP 的监管资本中股本占比（43.25%）和 ROE（9.65%）低于行业平均水平。在 CNP 的最后一次费率案件中，PUCT 分别将这些指标提高了 75 个和 25 个基点。

Multi- S tate , Low-Risk Operations: CNP subsidiary CERC operates local gas distribution utilities in four states: Indiana, Minnesota, Ohio and Texas. CNP provides electric transmission and distribution (T&D) services to about 2.9 million customers in Texas, and integrated electric service to 153,000 customers in Indiana. The company's relatively low-risk business profile is a key credit positive for CNP, offset by a noticeable rise in catastrophic storm activity at CEHE in recent years. Management closed the sale of its gas businesses in Mississippi and Louisiana for $1.2 billion on March 31, 2025 and is in the process of selling its Ohio gas operation to focus on higher growth operations.

多州、低风险运营： CNP 的子公司 CERC 在印第安纳州、明尼苏达州、俄亥俄州和德克萨斯州运营地方天然气分配公用事业。CNP 为德克萨斯州约 290 万客户提供电力传输和配电（T&D）服务，并为印第安纳州的 153,000 名客户提供综合电力服务。公司的相对低风险商业模式是 CNP 的一个重要信用积极因素，但近年来 CEHE 的灾难性风暴活动显著上升。管理层于2025年3月31日以 12 亿美元的价格完成了对其在密西西比州和路易斯安那州的天然气业务的出售，并正在出售其俄亥俄州的天然气业务，以专注于更高增长的业务。

Strengthening CNP Credit Metric s: CNP's credit metrics were significantly impacted by storm activity, beginning with Winter Storm Uri in 2021, and experienced severe storm activity including a derecho and hurricane activity that resulted in about $1.6 billion of costs. Therefore, consolidated FFO leverage was elevated in 2021-2024, averaging 6.4x. Fitch expects leverage to improve in 2025-2028 due in large part to cash recovery of deferrals and recent rate increases. FFO leverage is expected to average 5.4x during 2025-2028, well below Fitch's 6.0x downgrade sensitivity for CNP, supporting the ratings and Stable Outlook.

加强 CNP 信用指标： CNP 的信用指标受到风暴活动的显著影响，从 2021 年的冬季风暴 Uri 开始，经历了包括德雷乔和飓风活动在内的严重风暴活动，导致约 16 亿美元的成本。因此，2021-2024 年合并 FFO 杠杆率较高，平均为 6.4 倍。惠誉预计，2025-2028 年杠杆率将改善，主要得益于延迟款项的现金回收和近期的费率增加。预计 2025-2028 年 FFO 杠杆率将平均为 5.4 倍，远低于惠誉对 CNP 的 6.0 倍降级敏感性，支持评级和稳定展望。

Securitization Update: Texas and Indiana have authorized use of securitization bonds to recover storm and other costs in a timely manner, a key credit positive for its Texas operations. In September 2025, CNP issued about $401 million of securitization bonds to recover May 2024 derecho-related storm costs, and the PUCT issued storm costs and financing orders to recover about $1.1 billion of costs mostly related to Hurricane Beryl. Fitch expects CEHE will issue Hurricane Beryl-related securitization bonds in 1Q26. CNP issued about $341 million of securitization bonds in 2023 related to the retirement of a coal-fired generating facility in Indiana.

证券化更新： 德克萨斯州和印第安纳州已授权使用证券化债券及时回收风暴和其他成本，这是其德克萨斯州业务的一个重要信用积极因素。在 2025 年 9 月，CNP 发行了约 4.01 亿美元的证券化债券，以回收 2024 年 5 月德雷乔相关的风暴成本，PUCT 发布了风暴成本和融资命令，以回收约 11 亿美元的成本，主要与飓风贝里相关。惠誉预计 CEHE 将在 2026 年第一季度发行与飓风贝里相关的证券化债券。CNP 在 2023 年发行了约 3.41 亿美元的证券化债券，涉及印第安纳州一座燃煤发电设施的退役。

Large Capex Program: CNP unveiled its 10-year capex plan in September 2025, targeting $65 billion through 2035. About 65% of projected capex will be funded through internal cash flow. External funding is expected by Fitch to be credit supportive, including approximately $3 billion of equity issuance between 2028 and 2035. Concerns regarding CNP's large capex program are mitigated by constructive regulatory oversight. Over the next five years 2026-2030, planned capex is $33 billion. CNP sees the opportunity for an additional $10 billion of potential capex.

大型资本支出计划： CNP 在 2025 年 9 月公布了其 10 年资本支出计划，目标是到 2035 年达到 650 亿美元。预计约 65% 的资本支出将通过内部现金流融资。惠誉预计外部融资将对信用有支持作用，包括在 2028 年至 2035 年之间约 30 亿美元的股权发行。关于 CNP 的大型资本支出计划的担忧因建设性的监管监督而得到缓解。在接下来的五年（2026-2030 年），计划的资本支出为 330 亿美元。CNP 看到额外 100 亿美元潜在资本支出的机会。

Growth, Resiliency and Safety: Over the five-year period ending 2030, slightly more than 60% of the $33 billion capex plan for 2026-2030 is earmarked for CEHE's T&D operations, with a focus on grid resiliency, safety and growth. The plan comprises multiple discrete programs and projects, including electric transmission system investment, aged gas pipeline replacement, gas meter modernization, the Texas gas transmission project, the downtown Houston revitalization project and system resilience investments.

增长、韧性和安全： 在截至 2030 年的五年期间，2026-2030 年 330 亿美元资本支出计划中略超过 60% 将用于 CEHE 的 T&D 业务，重点关注电网韧性、安全和增长。该计划包括多个独立的项目和计划，包括电力传输系统投资、老旧天然气管道更换、天然气表现代化、德克萨斯州天然气传输项目、休斯顿市中心振兴项目和系统韧性投资。

CenterPoint Energy Houston Electric, LLC

High Leverage: Fitch estimates CEHE FFO leverage at 5.0x in both 2026 and 2027, an improvement from 5.2x-5.3x in 2024 and 2025 and within our downgrade sensitivity of greater than 5.0x for its current 'BBB+'/'F2' IDR.

高杠杆： 惠誉预计 CEHE 的 FFO 杠杆在 2026 年和 2027 年均为 5.0 倍，较 2024 年和 2025 年的 5.2 倍-5.3 倍有所改善，并在其当前的'BBB+'/'F2' IDR 的降级敏感性范围内。

CEHE's credit metrics have been pressured by storm costs, rate concessions and significantly lower than industry average base rate case parameters (43.25% equity layer and 9.65% ROE). Concerns regarding consistently low equity component of regulatory capital and ROE authorizations are offset by customer growth, relatively predictable cash flows under Texas regulation, legislative enhancements to cost recovery mechanisms enacted in recent years, and improved rate case parameters in CEHE's last base rate case.

CEHE 的信用指标受到风暴成本、费率让步以及显著低于行业平均水平的基本费率案例参数（43.25% 的股权层和 9.65% 的投资回报率）的压力。关于监管资本的股权成分和投资回报率授权持续低迷的担忧被客户增长、德克萨斯州监管下相对可预测的现金流、近年来通过立法增强的成本回收机制以及 CEHE 最近基本费率案例中改善的费率参数所抵消。

Texas Regulation: CEHE's ratings and Stable Outlook are supported by an improving regulatory compact in Texas. Texas regulation has been restrictive historically, characterized by somewhat below average authorized ROE and regulatory equity to total capitalization. These restrictive elements are offset by adoption of riders by the PUCT authorizing recovery of certain transmission and distribution system costs, including resiliency investment, outside of base rate proceedings and modest improvement of equity layer and ROE in CEHE's last base rate case. Use of securitization bonds to recover storm costs is also a positive feature of Texas regulation.

德克萨斯州监管： CEHE 的评级和稳定展望得益于德克萨斯州监管框架的改善。德克萨斯州的监管历史上较为严格，授权的投资回报率和监管股权与总资本化比率均低于平均水平。这些限制性因素被 PUCT 通过采用附加条款授权在基本费率程序之外回收某些输电和配电系统成本（包括韧性投资）所抵消，并且 CEHE 最近的基本费率案例中股权层和投资回报率有所改善。使用证券化债券来回收风暴成本也是德克萨斯州监管的一个积极特征。

Storm Restoration Developments: The rating action recognizes progress by CEHE to quell strong customer, political and regulatory dissatisfaction with its 2024 storm restoration response. Efforts to address concerns included a comprehensive action plan to improve storm restoration preparedness and enhance system resilience. These efforts have reduced customer outage minutes about 45% in 1H25 compared with 1H24. About $8 billion of CNP's 10-year capex is dedicated to enhancing system resilience. Rate concessions, including the $47 million rate decrease in CEHE's last base rate case, returned collections for its mobile generation program to customers.

风暴恢复进展： 此次评级行动承认 CEHE 在缓解客户、政治和监管对其 2024 年风暴恢复响应的强烈不满方面取得的进展。为了解决这些担忧，CEHE 制定了全面的行动计划，以改善风暴恢复准备和增强系统韧性。这些努力使客户停电时间在 2025 年上半年相比 2024 年上半年减少了约 45%。CNP 的 10 年资本支出中约有 80 亿美元用于增强系统韧性。费率让步，包括 CEHE 最近基本费率案例中的 4700 万美元费率下降，将其移动发电项目的回收款项返还给客户。

Texas Rate Case Settlement: The PUCT issued an order earlier this year approving CEHE's base rate case settlement without significant modification. The settlement authorized a $46.6 million rate reduction based on a 9.65% authorized ROE and 43.25% equity layer. The authorized ROE and equity layer are 25 bps and 75 bps above respective levels approved in CEHE's 2019 rate case, a credit positive.

德克萨斯州费率案例和解： PUCT 在今年早些时候发布了一项命令，批准 CEHE 的基本费率案例和解，未作重大修改。该和解授权基于 9.65% 的授权投资回报率和 43.25% 的股权层减少 4660 万美元的费率。授权的投资回报率和股权层分别比 CEHE2019 年费率案例中批准的水平高出 25 个基点和 75 个基点，这对信用是积极的。

Anticipated Regulatory Filings: CEHE expects to file with the PUCT under its distribution cost recovery factor (DCRF) mechanism in March and September 2026, its transmission cost of service (TCOS) mechanism in February and August 2026, and its next base rate case in 2029. Through 2030, about 98% investment is expected to be recovered through interim mechanisms. Legislation enacted in recent years authorizing more frequent filings under its TCOS and DCRF mechanisms (each may be filed twice a year), and recovery of system resilience investment outside of base rates is a positive development providing enhanced cash flow visibility.

预期的监管申请： CEHE 预计将在 2026 年 3 月和 9 月根据其配电成本回收因素（DCRF）机制向 PUCT 提交申请，在 2026 年 2 月和 8 月根据其输电服务成本（TCOS）机制提交申请，并在 2029 年提交下一个基本费率案例。到 2030 年，预计约 98% 的投资将通过临时机制回收。近年来通过立法授权更频繁地根据其 TCOS 和 DCRF 机制提交申请（每年可提交两次），以及在基本费率之外回收系统韧性投资是一个积极的发展，提供了增强的现金流可见性。

Securitization Update: In a positive credit development, the PUCT has approved virtually full recovery of May 2024 (derecho) and July 2024 (Hurricane Beryl) storm costs and issued financing orders. CEHE issued $401 million of securitization bonds in September 2025 to recover derecho-related costs and is expected to issue securitization bonds 1Q26 to recover about $1.1 billion of Hurricane Beryl-related and other 2024/2025 storm costs. Proceeds from the securitization bonds issued earlier this year to recover derecho-related costs were used to reduce debt.

证券化更新： 在一个积极的信用发展中，PUCT 已批准几乎全额回收 2024 年 5 月（derecho）和 2024 年 7 月（飓风贝里尔）的风暴成本，并发布了融资命令。CEHE 在 2025 年 9 月发行了 4.01 亿美元的证券化债券，以回收与 derecho 相关的成本，并预计在 2026 年第一季度发行证券化债券，以回收约 11 亿美元的与飓风贝里尔相关的及其他 2024/2025 年风暴成本。今年早些时候发行的用于回收与 derecho 相关成本的证券化债券的收益被用于减少债务。

CEHE Service Territory Growth: Industrial load in CEHE's service territory has grown at a 7% CAGR from 2017-2024 from 27,000GWh to 45,000GWh and residential customers grew at a 2% CAGR during the same period. The number of customers served grew from just under 2.2 million customers to 2.5 million in 2024. Growth is driven by a strong greater Houston-area economy and solid residential and commercial and industrial load growth.

CEHE 服务区域增长： CEHE 服务区域的工业负荷在 2017 年至 2024 年期间以 7% 的年复合增长率增长，从 27000GWh 增长到 45000GWh，住宅客户在同一时期以 2% 的年复合增长率增长。服务的客户数量从不到 220 万增长到 2024 年的 250 万。增长得益于大休斯顿地区经济的强劲以及住宅、商业和工业负荷的稳健增长。

Parent-Subsidiary Rating Linkage: There is parent-subsidiary linkage between CNP and CEHE. Fitch evaluates CNP's SCP on a consolidated basis. CEHE's SCP is stronger than CNP's. Emphasis is placed on the subsidiary's status as a regulated utility. Legal ring-fencing, access, and control are considered porous. Treasury operations are managed centrally by CNP. CEHE has access to debt capital markets, participates in CNP's money pool, and relies on CNP for equity infusions. As a result, Fitch limits the difference between CEHE's and CNP's IDRs to two notches.

母子公司评级关联： CNP 与 CEHE 之间存在母子公司关联。Fitch 在合并基础上评估 CNP 的 SCP。CEHE 的 SCP 强于 CNP。重点放在子公司作为受监管公用事业的地位上。法律隔离、访问和控制被认为是相对松散的。财务操作由 CNP 集中管理。CEHE 可以进入债务资本市场，参与 CNP 的资金池，并依赖 CNP 进行股权注入。因此，Fitch 将 CEHE 和 CNP 的 IDR 之间的差距限制在两个等级之内。

CenterPoint Energy Resources Corp.

Low Business Risk: Nearly all CERC's earnings and cash flows are from regulated gas distribution operations. In Fitch's view, CERC benefits from relatively low risk natural gas utility distribution operations in four states and credit supportive jurisdictional rate regulation. Except for Minnesota, CERC operates exclusively in states that have enacted legislation prohibiting municipalities from banning gas use.

低商业风险： CERC 几乎所有的收益和现金流均来自受监管的天然气分配业务。在 Fitch 看来，CERC 受益于四个州相对低风险的天然气公用事业分配业务和信用支持的管辖区费率监管。除了明尼苏达州外，CERC 仅在已通过立法禁止市政当局禁止天然气使用的州运营。

Balanced Rate Regulation: Fitch believes balanced regulatory regimes in CERC's four-state service territory is credit supportive. CERC's gas operations benefit from forward test years and cost recovery mechanisms, including decoupling, weather normalization, and infrastructure investment mechanisms that facilitate cost recovery outside of base rate case proceedings.

平衡的费率监管： Fitch 认为 CERC 四州服务区域内的平衡监管机制对信用是支持的。CERC 的天然气业务受益于前瞻性测试年度和成本回收机制，包括解耦、天气标准化和基础设施投资机制，这些机制促进了在基本费率案例程序之外的成本回收。

Minnesota Rate Increase Authorized: In May 2025, CERC received a final Minnesota Public Utilities Commission (MPUC) order approving its rate case settlement, authorizing rate increases of $60.8 million in 2024 and $42.7 million in 2025. The rate case was filed by CERC in November 2023 seeking an $84.6 million rate increase in 2024 and a $51.8 million rate increase in 2025 based on a 10.3% ROE, 52.5% equity ratio, and forward-looking 2024 and 2025 test years. The rate increases granted represent about 72% and 82% of CERC's requested increase and is in Fitch's view a balanced, credit supportive outcome.

明尼苏达州费率增加获批： 在 2025 年 5 月，CERC 收到了明尼苏达州公共事业委员会（MPUC）批准其费率案例和解的最终命令，授权 2024 年增加 6080 万美元的费率和 2025 年增加 4270 万美元的费率。CERC 于 2023 年 11 月提交了该费率案例，寻求在 2024 年增加 8460 万美元的费率和在 2025 年增加 5180 万美元的费率，基于 10.3% 的投资回报率、52.5% 的股权比率和前瞻性的 2024 年和 2025 年测试年度。获批的费率增加分别约占 CERC 请求增加的 72% 和 82%，在 Fitch 看来，这是一个平衡的、信用支持的结果。

T exas Gas Settlement Approved: Fitch believes Texas Railroad Commission approval of CERC's Texas gas distribution base rate case settlement in 2024 is a constructive development. The commission approved the settlement June 2024. New rates were effective December 2024. The commission-approved settlement authorizes a $5 million base rate increase based on a 9.8% authorized ROE and an equity ratio of 60.6% of total capitalization. CERC filed the proceeding with the Texas Railroad Commission in October 2023 supporting a rate increase of $37 million (3.1%) based on a historical test year ending June 30, 2023, a 10.5% ROE and 60.6% equity ratio.

德克萨斯州天然气结算获批：惠誉认为德克萨斯州铁路委员会在 2024 年批准 CERC 的德克萨斯州天然气分销基本费率案件和解是一个积极的发展。委员会于 2024 年 6 月批准了该和解。新费率于 2024 年 12 月生效。委员会批准的和解授权基于 9.8% 的授权股本回报率（ROE）和 60.6% 的总资本化股权比例，增加 500 万美元的基本费率。CERC 于 2023 年 10 月向德克萨斯州铁路委员会提交了该程序，支持 3700 万美元（3.1%）的费率增加，基于截至2023年6月30日的历史测试年度，10.5% 的 ROE 和 60.6% 的股权比例。

CERC Asset Sales Continue: On March 31, 2025, CNP closed the sale of CERC's Louisiana and Mississippi natural gas LDCs reducing CERC's footprint from six states to four and realizing gross proceeds of $1.2 billion. In May 2025, CNP announced its plan to sell its Ohio natural gas LDC business. If completed, CERC's gas LDC operations will shrink to three states: Indiana, Minnesota and Texas.

CERC 资产销售持续进行：2025年3月31日，CNP 完成了对 CERC 在路易斯安那州和密西西比州天然气地方配送公司的出售，将 CERC 的业务范围从六个州减少到四个州，实现了 12 亿美元的总收益。2025 年 5 月，CNP 宣布计划出售其在俄亥俄州的天然气地方配送业务。如果完成，CERC 的天然气地方配送业务将缩减至三个州：印第安纳州、明尼苏达州和德克萨斯州。

Ohio Base Rate Case: In 4Q24, Vectren Energy Delivery of Ohio, LLC, d/b/a CenterPoint Energy Ohio (CEOH), filed a base rate application with the Ohio Public Utilities Commission (PUCO) supporting a $100 million (32%) rate increase based on a 10.4% ROE and 54.1% equity component of capital. In July 2025, CEOH reached a non-unanimous settlement agreement with intervenors in the proceeding. If the settlement is approved as filed, annual revenue would increase about $59.6 million. A final PUCO order in the rate case is expected in 1Q26.

俄亥俄州基本费率案件：在 2024 年第四季度，俄亥俄州的 Vectren Energy Delivery, LLC（以 CenterPoint Energy Ohio（CEOH）名义运营）向俄亥俄公共事业委员会（PUCO）提交了基本费率申请，支持 1 亿美元（32%）的费率增加，基于 10.4% 的 ROE 和 54.1% 的资本股权成分。2025 年 7 月，CEOH 与程序中的干预者达成了一项非一致性和解协议。如果该和解按原文件获得批准，年收入将增加约 5960 万美元。预计 PUCO 在该费率案件中的最终裁定将在 2026 年第一季度作出。

Credit Metrics: FFO leverage has improved meaningfully from 2021's post-Winter Storm Uri high mark of more than 6x. Fitch estimates FFO leverage at 3.6x in 2025, improving to 3.3x in both 2026 and 2027. FFO leverage was 4.0x in 2024. The improvement of FFO leverage from CERC' s high water mark of around 6x in 2021 and 2022 reflects the adverse effects of incremental debt used to fund extraordinary fuel and other costs associated with the storm and subsequent recovery of such costs in rates. CERC's 2025 and 2026 FFO leverage projections support its 'A-'/Stable IDR.

信用指标：FFO 杠杆率从 2021 年冬季风暴 Uri 后的高点 6 倍显著改善。惠誉预计 2025 年的 FFO 杠杆率为 3.6 倍，2026 年和 2027 年均改善至 3.3 倍。2024 年的 FFO 杠杆率为 4.0 倍。从 CERC 在 2021 年和 2022 年的高点约 6 倍的 FFO 杠杆率的改善反映了用于资助与风暴相关的额外燃料和其他成本的增量债务的负面影响，以及随后在费率中恢复这些成本。CERC 在 2025 年和 2026 年的 FFO 杠杆率预测支持其'A-'/稳定的 IDR。

Parent-Subsidiary Rating Linkage: There is parent-subsidiary linkage between CNP and CERC. Fitch determines CNP's SCP on a consolidated basis. Fitch believes CERC has a stronger SCP than its corporate parent. Emphasis is placed on CERC's regulated utility operations. Legal ring-fencing is considered porous given the general protections afforded by rate regulation, and access and control is also deemed porous by Fitch. Due to these considerations, Fitch limits the difference between CERC's and CNP's IDRs to a maximum of two notches.

母子公司评级关联：CNP 与 CERC 之间存在母子公司关联。惠誉在合并基础上确定 CNP 的 SCP。惠誉认为 CERC 的 SCP 强于其母公司。重点放在 CERC 的受监管公用事业运营上。由于费率监管提供的一般保护，法律隔离被认为是松散的，惠誉也认为访问和控制是松散的。基于这些考虑，惠誉将 CERC 和 CNP 的 IDR 之间的差距限制在最多两个等级。

Peer Analysis

同行分析

CenterPoint Energy, Inc.

CNP is well-positioned compared to peers NiSource Inc. (NiSource; BBB/Stable) and Sempra (BBB+/Stable). CNP is smaller than Sempra and larger than NiSource as measured by EBITDA. CNP's, NiSource's and Sempra's 2024 EBITDA totalled $3 billion, $2.5 billion and $5.2 billion, respectively. Both CNP and NiSource are multi-state utilities with gas and electric utility operations across multiple jurisdictions. CNP provides gas and electric service in four states, while NiSource's utility operation spans six states.

CNP 与同行 NiSource Inc.（NiSource；BBB/稳定）和 Sempra（BBB+/稳定）相比，处于良好位置。按 EBITDA 计算，CNP 小于 Sempra 而大于 NiSource。CNP、NiSource 和 Sempra 的 2024 年 EBITDA 分别为 30 亿美元、25 亿美元和 52 亿美元。CNP 和 NiSource 都是多州公用事业公司，在多个司法管辖区内运营天然气和电力公用事业。CNP 在四个州提供天然气和电力服务，而 NiSource 的公用事业业务覆盖六个州。

Sempra operates gas distribution and electric utilities in California, owns electric transmission and distribution utilities in Texas, and has significant nonutility, energy sector investments. More than 95% of CNP's EBITDA is derived from regulated utilities. Regulated utilities provide virtually all of NiSource's consolidated EBITDA and around 80% of Sempra's EBITDA is from regulated operations. CNP's FFO leverage is estimated by Fitch at 5.4x in 2025 and 2026, weaker than higher-rated Sempra's 4.9x in 2025 and 4.1x in 2026, and stronger than NI's FFO leverage of 5.5x to 5.8x during in 2025 to 2027.

Sempra 在加利福尼亚州运营天然气分销和电力公用事业，在德克萨斯州拥有电力传输和分配公用事业，并在非公用事业能源领域有重大投资。CNP 的 EBITDA 中超过 95% 来自受监管的公用事业。受监管的公用事业几乎提供了 NiSource 合并 EBITDA 的全部，约 80% 的 Sempra 的 EBITDA 来自受监管的业务。惠誉预计 CNP 的 FFO 杠杆率在 2025 年和 2026 年为 5.4 倍，低于更高评级的 Sempra 在 2025 年的 4.9 倍和 2026 年的 4.1 倍，但高于 NiSource 在 2025 年至 2027 年期间的 FFO 杠杆率 5.5 倍至 5.8 倍。

CenterPoint Energy Houston Electric, LLC

CEHE's peer group includes AEP Texas Inc. (BBB/Stable) and Oncor Electric Delivery Company LLC (BBB+/Negative). All three are pure electric transmission and distribution utilities with operations in Texas and large investment programs focused on enhancing utility system reliability and resilience. CEHE was significantly affected by 2024 storm activity and more frequent catastrophic storm activity in recent years.

CEHE 的同行包括 AEP Texas Inc.（BBB/稳定）和 Oncor Electric Delivery Company LLC（BBB+/负面）。这三家公司都是纯电力传输和分配公用事业，在德克萨斯州运营，并且有大型投资计划，专注于增强公用事业系统的可靠性和韧性。CEHE 在 2024 年受到风暴活动的显著影响，并且近年来频繁发生灾难性风暴活动。

Fitch expects high projected investment at all three utilities, along with relatively low ROEs and equity ratios, to pressure their credit metrics. CEHE's FFO leverage was 5.2x in 2024, modestly above its downgrade sensitivity of 5.0x and is expected to improve from 5.3x in 2025 to 5.0x in 2026 and 2027. Similarly, Fitch projected Oncor's FFO leverage will be above its 5.0x downgrade sensitivity over the forecast period. FFO leverage at lower-rated AEP Texas is estimated to be more than 6x over the forecast period.

惠誉预计这三家公用事业的高投资预期，加上相对较低的 ROE 和股权比例，将对其信用指标施加压力。CEHE 的 FFO 杠杆率在 2024 年为 5.2 倍，略高于其降级敏感度 5.0 倍，预计将在 2025 年改善至 5.3 倍，并在 2026 年和 2027 年改善至 5.0 倍。同样，惠誉预计 Oncor 的 FFO 杠杆率将在预测期内高于其 5.0 倍的降级敏感度。低评级的 AEP Texas 的 FFO 杠杆率预计在预测期内将超过 6 倍。

CenterPoint Energy Resources Corp.

Fitch believes CERC's, NiSource Inc.'s (BBB/Stable), and The Peoples Gas Light and Coke Company's (PGL; A-/Stable) operating risk profiles are similar but somewhat lower than Southern Company Gas (GAS; BBB+/Stable). CERC and NiSource are regulated utility holding companies with minimal exposure to unregulated operations. CERC's natural gas distribution operations benefit from geographic diversification and supportive rate regulation, like NiSource's and GAS's regulated business.

惠誉认为 CERC、NiSource Inc.（BBB/稳定）和 The Peoples Gas Light and Coke Company（PGL；A-/稳定）的运营风险特征相似，但略低于 Southern Company Gas（GAS；BBB+/稳定）。CERC 和 NiSource 是受监管的公用事业控股公司，几乎没有非监管业务的风险。CERC 的天然气分销业务受益于地理多样化和支持性的费率监管，类似于 NiSource 和 GAS 的受监管业务。

Non-utility operations at CERC account for about 5% of consolidated EBITDA and NiSource has no meaningful unregulated operations. GAS has some exposure to unregulated operations, primarily through its natural gas wholesale, retail and pipeline investments. PGL is a single-state utility providing gas utility service in parts of Illinois with no unregulated operations. PGL's FFO leverage is estimated by Fitch to average 3.3x 2025 to 2027, comparable with CERC's projected 2025-2027 average FFO leverage of 3.4x.

CERC 的非公用事业业务占合并 EBITDA 的约 5%，而 NiSource 没有有意义的非监管业务。GAS 在非监管业务方面有一些风险，主要通过其天然气批发、零售和管道投资。PGL 是一家单州公用事业，在伊利诺伊州部分地区提供天然气公用事业服务，没有非监管业务。惠誉预计 PGL 的 FFO 杠杆率在 2025 年至 2027 年期间平均为 3.3 倍，与 CERC 预计的 2025-2027 年平均 FFO 杠杆率 3.4 倍相当。

Unlike CERC, NiSource is a combination electric and gas utility. NiSource's electric utility operation has exposure to coal-fired generation risk and is in the process of exiting coal generation. Fitch estimates CERC's credit metrics to be stronger from a credit perspective compared with NiSource and GAS. We expect CERC's FFO leverage to average 3.4x during 2025 through 2027, which compares with NiSource's 5.5x-5.8x average over the same time horizon and GAS's average of about 5.0x.

与 CERC 不同，NiSource 是一家综合电力和天然气公用事业公司。NiSource 的电力公用事业运营面临煤炭发电风险，并正在逐步退出煤炭发电。惠誉估计，从信用角度来看，CERC 的信用指标比 NiSource 和 GAS 更强。我们预计 CERC 的 FFO 杠杆在 2025 年至 2027 年期间平均为 3.4 倍，而 NiSource 在同一时间段的平均为 5.5 倍至 5.8 倍，GAS 的平均约为 5.0 倍。

Fitch’s Key Rating-Case Assumptions

惠誉的关键评级案例假设

--Continued supportive rate regulation;

--持续支持的费率监管；

--Incorporates impact from regulatory decisions in CNP's Indiana, Minnesota and Texas gas LDC rate case and its Texas electric base rate case;

--纳入 CNP 在印第安纳州、明尼苏达州和德克萨斯州天然气 LDC 费率案件及其德克萨斯州电力基本费率案件的监管决策影响；

--Annual customer growth averages around 1% across CNP's gas LDC utility platform and 2% at CEHE;

--CNP 的天然气 LDC 公用事业平台年客户增长平均约为 1%，CEHE 为 2%；

--10-year capital plan of $65 billion;

--为期 10 年的资本计划为 650 亿美元；

--Balance outcomes in CEHE's anticipated TCOS and Distribution Cost Recovery Factor mechanism filings in 2026;

--在 2026 年 CEHE 预期的 TCOS 和分配成本回收机制申请中平衡结果；

--Virtually full recovery of storm costs in rates via securitization and other rate recovery mechanisms;

--通过证券化和其他费率回收机制几乎完全回收风暴成本；

--Issuance of approximately $1.1 billion of securitization bonds by CEHE in 1Q26.

--CEHE 在 2026 年第一季度发行约 11 亿美元的证券化债券。

RATING SENSITIVITIES

评级敏感性

CenterPoint Energy, Inc .

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

可能导致负面评级行动/降级的因素（单独或共同）

--FFO leverage above 6.0x on a sustained basis;

--FFO 杠杆持续高于 6.0 倍；

--Significant, unexpected deterioration in CNP's regulatory environment.

--CNP 监管环境的重大、意外恶化。

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

可能导致正面评级行动/升级的因素（单独或共同）

--FFO leverage below 5.0x on a sustained basis and continued supportive rate regulation.

--FFO 杠杆持续低于 5.0 倍，并且持续支持的费率监管。

CenterPoint Energy Houston Electric, LLC

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

可能导致负面评级行动/降级的因素（单独或共同）

--FFO leverage above 5.0x on a sustained basis;

--FFO 杠杆持续高于 5.0 倍；

--Sustained deterioration in the regulatory compact in Texas.

--德克萨斯州监管协议的持续恶化。

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

可能导致正面评级行动/升级的因素（单独或共同）

--FFO leverage below 4.0x on a sustained basis.

--FFO 杠杆持续低于 4.0 倍。

CenterPoint Energy Resources Corp .

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

可能导致负面评级行动/降级的因素（单独或共同）

--A downgrade at CNP;

--CNP 的降级；

--Significant deterioration in rate regulation across CERC's service territory;

--CERC 服务区域内费率监管的重大恶化；

--FFO leverage above 4.8x on a sustained basis.

--FFO 杠杆持续高于 4.8 倍。

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

可能导致正面评级行动/升级的因素（单独或共同）

--FFO leverage below 3.8x on a sustained basis;

--FFO 杠杆持续低于 3.8 倍；

--Continued credit supportive jurisdictional rate regulation.

--持续支持信用的管辖费率监管。

Liquidity and Debt Structure

流动性和债务结构

On a consolidated basis, CNP and its subsidiaries have access to up to $4 billion of credit facilities, including a $2.4 billion facility at the parent. CNP subsidiaries CERC, CEHE and SIGECO, through separate credit facilities, can borrow up to about $1.1 billion, $300 million and $250 million, respectively. The credit facilities terminate on Dec. 6, 2028.

在合并基础上，CNP 及其子公司可获得高达 40 亿美元的信贷额度，包括母公司的 24 亿美元额度。CNP 子公司 CERC、CEHE 和 SIGECO 通过单独的信贷额度，分别可借入约 11 亿美元、3 亿美元和 2.5 亿美元。这些信贷额度将于2028年12月6日到期。

Available borrowing capacity under CNP's and its subsidiaries' credit facilities as of Sept. 30, 2025, was approximately $3.4 billion, primarily reflecting approximately $25 million of CP issued by CNP and $550 million at CERC. CERC and CEHE participate in CNP's money pool, borrowing and investing on a short-term basis. As of Sept. 30, 2025, CNP had cash and cash equivalents of $37 million on its balance sheet.

截至2025年9月30日，CNP 及其子公司的信贷额度可用借款能力约为 34 亿美元，主要反映 CNP 发行的约 2500 万美元的商业票据和 CERC 的 5.5 亿美元。CERC 和 CEHE 参与 CNP 的资金池，进行短期借款和投资。截至2025年9月30日，CNP 账面上的现金及现金等价物为 3700 万美元。

Issuer Profile

发行人简介

CNP is a large, multi-state utility holding company strategically focused on its core utility operations, having exited investment in midstream and other unregulated businesses in recent years.

CNP 是一家大型多州公用事业控股公司，战略上专注于其核心公用事业运营，近年来已退出中游和其他非监管业务的投资。

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations

作为评级的关键驱动因素引用的实质性重要来源的参考信息，分析中使用的主要信息来源在适用标准中进行了描述。点击此处访问惠誉最新的季度全球企业部门预测监测数据文件，该文件汇总了用于我们信用分析的关键数据点。惠誉的宏观经济预测、商品价格假设、违约率预测、部门关键绩效指标和部门级预测等数据项均包含在内。ESG 考虑因素

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

ESG 信用相关性的最高级别为 '3'，除非在本节中另有披露。得分为 '3' 意味着 ESG 问题对实体的信用影响中性或仅对其信用影响微乎其微，无论是由于其性质还是实体管理方式。惠誉的 ESG 相关性评分不是评级过程中的输入；它们是对 ESG 因素在评级决策中相关性和重要性的观察。有关惠誉 ESG 相关性评分的更多信息，请访问 https://www.fitchratings.com/topics/esg/products#esg-relevance-scores。

CenterPoint Energy, Inc.; Long Term Issuer Default Rating; Affirmed; BBB; Rating Outlook Stable

CenterPoint Energy, Inc.; 长期发行人违约评级；确认；BBB；评级展望稳定

; Short Term Issuer Default Rating; Affirmed; F2

; 短期发行人违约评级；确认；F2

----senior unsecured; Long Term Rating; Affirmed; BBB

----高级无担保；长期评级；确认；BBB

----junior subordinated; Long Term Rating; Affirmed; BB+

----次级无担保；长期评级；确认；BB+

----senior secured; Long Term Rating; Affirmed; A

----高级担保；长期评级；确认；A

----senior unsecured; Short Term Rating; Affirmed; F2

----高级无担保；短期评级；确认；F2

----senior secured; Unenhanced Long Term Rating; Affirmed; A

----高级担保；未增强的长期评级；确认；A

CenterPoint Energy Resources Corp.; Long Term Issuer Default Rating; Affirmed; A-; Rating Outlook Stable

CenterPoint Energy Resources Corp.; 长期发行人违约评级；确认；A-；评级展望稳定

; Short Term Issuer Default Rating; Affirmed; F2

; 短期发行人违约评级；确认；F2

----senior unsecured; Long Term Rating; Affirmed; A-

----高级无担保；长期评级；确认；A-

----senior unsecured; Short Term Rating; Affirmed; F2

----高级无担保；短期评级；确认；F2

CenterPoint Energy Houston Electric, LLC; Long Term Issuer Default Rating; Affirmed; BBB+; Rating Outlook Stable

CenterPoint Energy Houston Electric, LLC; 长期发行人违约评级；确认；BBB+；评级展望稳定

; Short Term Issuer Default Rating; Affirmed; F2

; 短期发行人违约评级；确认；F2

----senior secured; Long Term Rating; Affirmed; A

----高级担保；长期评级；确认；A

Contacts:

联系方式：

Primary Rating Analyst

主要评级分析师

Philip Smyth, CFA

Senior Director

高级总监

+1 212 908 0531

philip.smyth@fitchratings.com

Fitch Ratings, Inc.

惠誉评级公司

33 Whitehall Street

New York, NY 10004

纽约，NY 10004

Secondary Rating Analyst

次要评级分析师

Shalini Mahajan, CFA

Managing Director

董事总经理

+1 212 908 0351

shalini.mahajan@fitchratings.com

Committee Chairperson

委员会主席

Michael Ruggirello, CFA

Senior Director

高级总监

+1 647 933 0261

michael.ruggirello@fitchratings.com

MEDIA RELATIONS: Eleis Brennan, New York, Tel: +1 646 582 3666, Email: eleis.brennan@thefitchgroup.com

媒体关系：Eleis Brennan，纽约，电话：+1 646 582 3666，电子邮件：eleis.brennan@thefitchgroup.com

Additional information is available on www.fitchratings.com

更多信息请访问 www.fitchratings.com

Applicable Model

适用模型

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

括号中的数字与适用模型相关，包含指向提供模型描述的标准的超链接。

Corporate Monitoring & Forecasting Model (COMFORT Model), v8.2.0 (1,2)

企业监测与预测模型（COMFORT 模型），v8.2.0 (1,2)

ADDITIONAL DISCLOSURES

附加披露

Dodd-Frank Rating Information Disclosure Form

多德 - 弗兰克评级信息披露表

Solicitation Status

征求状态

Additional Disclosures For Unsolicited Credit Ratings

针对非自愿信用评级的附加披露

Endorsement Status

认可状态

Endorsement Policy

认可政策

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For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001

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惠誉确认中点能源及其子公司的评级，并将休斯顿电力的展望调整为稳定