Fitch Ratings-New York-19 December 2025:

惠譽評級 - 紐約-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.

惠譽評級已確認 CenterPoint Energy, Inc. (CNP) 的長期和短期發行人違約評級 (IDRs) 為 'BBB'/'F2'，CenterPoint Energy Houston Electric, LLC (CEHE) 為 'BBB+'/'F2'，以及 CenterPoint Energy Resources Corp. (CERC) 為 'A-'/'F2'。CEHE 的評級展望已從負面調整為穩定。CNP 和 CERC 的展望為穩定。

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 的評級及穩定展望反映了顯著的股權發行和資產出售、由於恢復延遲的風暴成本而改善的槓桿率，以及總體上平衡的費率監管。CNP 和 CEHE 的評級及穩定展望還考慮了在德克薩斯州應對 2024 年和 2025 年風暴活動挑戰的顯著進展、授權證券化債券以回收風暴恢復成本，以及德克薩斯州日益改善的監管環境。CEHE 的高槓杆率令人擔憂。由於其信用指標缺乏餘地，意外挑戰可能引發不利的信用評級行動。

Key Rating Drivers

關鍵評級驅動因素

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.

平衡的費率監管： 惠譽認為 CNP 的費率監管總體上對信用有支持作用。CNP 在多個司法管轄區獲得了批准和建設性的監管決定。最終委員會命令在印第安納州和明尼蘇達州提高了費率。CNP 在俄亥俄州的天然氣基礎費率案件中與干預者達成了部分和解，預計最終決定將在 2026 年作出；只有消費者顧問辦公室尚未簽署和解。如果和解按提交的方式獲得批准，年收入將增加約 5960 萬美元。該程序於 2024 年第四季度提交，尋求 1 億美元的費率增加。

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.

在德克薩斯州，PUCT 批准了 4700 萬美元的降幅。惠譽認為，這一降幅有助於在客户、政治和監管對颶風貝里停電的不利反應後，重新平衡德克薩斯州的監管契約。惠譽認為德克薩斯州的監管環境顯著改善，體現在旨在回收某些投資的關税演變上，這些投資不在基礎費率案件中。儘管如此，CNP 的監管資本中股本佔比（43.25%）和 ROE（9.65%）低於行業平均水平。在 CNP 的最後一次費率案件中，PUCT 分別將這些指標提高了 75 個和 25 個基點。

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、低風險運營： CNP 的子公司 CERC 在印第安納州、明尼蘇達州、俄亥俄州和德克薩斯州運營地方天然氣分配公用事業。CNP 為德克薩斯州約 290 萬客户提供電力傳輸和配電（T&D）服務，併為印第安納州的 153,000 名客户提供綜合電力服務。公司的相對低風險商業模式是 CNP 的一個重要信用積極因素，但近年來 CEHE 的災難性風暴活動顯著上升。管理層於2025年3月31日以 12 億美元的價格完成了對其在密西西比州和路易斯安那州的天然氣業務的出售，並正在出售其俄亥俄州的天然氣業務，以專注於更高增長的業務。

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.

加強 CNP 信用指標： CNP 的信用指標受到風暴活動的顯著影響，從 2021 年的冬季風暴 Uri 開始，經歷了包括德雷喬和颶風活動在內的嚴重風暴活動，導致約 16 億美元的成本。因此，2021-2024 年合併 FFO 槓桿率較高，平均為 6.4 倍。惠譽預計，2025-2028 年槓桿率將改善，主要得益於延遲款項的現金回收和近期的費率增加。預計 2025-2028 年 FFO 槓桿率將平均為 5.4 倍，遠低於惠譽對 CNP 的 6.0 倍降級敏感性，支持評級和穩定展望。

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.

證券化更新： 德克薩斯州和印第安納州已授權使用證券化債券及時回收風暴和其他成本，這是其德克薩斯州業務的一個重要信用積極因素。在 2025 年 9 月，CNP 發行了約 4.01 億美元的證券化債券，以回收 2024 年 5 月德雷喬相關的風暴成本，PUCT 發佈了風暴成本和融資命令，以回收約 11 億美元的成本，主要與颶風貝里相關。惠譽預計 CEHE 將在 2026 年第一季度發行與颶風貝里相關的證券化債券。CNP 在 2023 年發行了約 3.41 億美元的證券化債券，涉及印第安納州一座燃煤發電設施的退役。

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.

大型資本支出計劃： CNP 在 2025 年 9 月公佈了其 10 年資本支出計劃，目標是到 2035 年達到 650 億美元。預計約 65% 的資本支出將通過內部現金流融資。惠譽預計外部融資將對信用有支持作用，包括在 2028 年至 2035 年之間約 30 億美元的股權發行。關於 CNP 的大型資本支出計劃的擔憂因建設性的監管監督而得到緩解。在接下來的五年（2026-2030 年），計劃的資本支出為 330 億美元。CNP 看到額外 100 億美元潛在資本支出的機會。

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.

增長、韌性和安全： 在截至 2030 年的五年期間，2026-2030 年 330 億美元資本支出計劃中略超過 60% 將用於 CEHE 的 T&D 業務，重點關注電網韌性、安全和增長。該計劃包括多個獨立的項目和計劃，包括電力傳輸系統投資、老舊天然氣管道更換、天然氣表現代化、德克薩斯州天然氣傳輸項目、休斯頓市中心振興項目和系統韌性投資。

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.

高槓杆： 惠譽預計 CEHE 的 FFO 槓桿在 2026 年和 2027 年均為 5.0 倍，較 2024 年和 2025 年的 5.2 倍-5.3 倍有所改善，並在其當前的'BBB+'/'F2' IDR 的降級敏感性範圍內。

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 的信用指標受到風暴成本、費率讓步以及顯著低於行業平均水平的基本費率案例參數（43.25% 的股權層和 9.65% 的投資回報率）的壓力。關於監管資本的股權成分和投資回報率授權持續低迷的擔憂被客户增長、德克薩斯州監管下相對可預測的現金流、近年來通過立法增強的成本回收機制以及 CEHE 最近基本費率案例中改善的費率參數所抵消。

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.

德克薩斯州監管： CEHE 的評級和穩定展望得益於德克薩斯州監管框架的改善。德克薩斯州的監管歷史上較為嚴格，授權的投資回報率和監管股權與總資本化比率均低於平均水平。這些限制性因素被 PUCT 通過採用附加條款授權在基本費率程序之外回收某些輸電和配電系統成本（包括韌性投資）所抵消，並且 CEHE 最近的基本費率案例中股權層和投資回報率有所改善。使用證券化債券來回收風暴成本也是德克薩斯州監管的一個積極特徵。

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.

風暴恢復進展： 此次評級行動承認 CEHE 在緩解客户、政治和監管對其 2024 年風暴恢復響應的強烈不滿方面取得的進展。為了解決這些擔憂，CEHE 制定了全面的行動計劃，以改善風暴恢復準備和增強系統韌性。這些努力使客户停電時間在 2025 年上半年相比 2024 年上半年減少了約 45%。CNP 的 10 年資本支出中約有 80 億美元用於增強系統韌性。費率讓步，包括 CEHE 最近基本費率案例中的 4700 萬美元費率下降，將其移動發電項目的回收款項返還給客户。

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.

德克薩斯州費率案例和解： PUCT 在今年早些時候發佈了一項命令，批准 CEHE 的基本費率案例和解，未作重大修改。該和解授權基於 9.65% 的授權投資回報率和 43.25% 的股權層減少 4660 萬美元的費率。授權的投資回報率和股權層分別比 CEHE2019 年費率案例中批准的水平高出 25 個基點和 75 個基點，這對信用是積極的。

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.

預期的監管申請： CEHE 預計將在 2026 年 3 月和 9 月根據其配電成本回收因素（DCRF）機制向 PUCT 提交申請，在 2026 年 2 月和 8 月根據其輸電服務成本（TCOS）機制提交申請，並在 2029 年提交下一個基本費率案例。到 2030 年，預計約 98% 的投資將通過臨時機制回收。近年來通過立法授權更頻繁地根據其 TCOS 和 DCRF 機制提交申請（每年可提交兩次），以及在基本費率之外回收系統韌性投資是一個積極的發展，提供了增強的現金流可見性。

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.

證券化更新： 在一個積極的信用發展中，PUCT 已批准幾乎全額回收 2024 年 5 月（derecho）和 2024 年 7 月（颶風貝里爾）的風暴成本，併發布了融資命令。CEHE 在 2025 年 9 月發行了 4.01 億美元的證券化債券，以回收與 derecho 相關的成本，並預計在 2026 年第一季度發行證券化債券，以回收約 11 億美元的與颶風貝里爾相關的及其他 2024/2025 年風暴成本。今年早些時候發行的用於回收與 derecho 相關成本的證券化債券的收益被用於減少債務。

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 服務區域增長： CEHE 服務區域的工業負荷在 2017 年至 2024 年期間以 7% 的年複合增長率增長，從 27000GWh 增長到 45000GWh，住宅客户在同一時期以 2% 的年複合增長率增長。服務的客户數量從不到 220 萬增長到 2024 年的 250 萬。增長得益於大休斯頓地區經濟的強勁以及住宅、商業和工業負荷的穩健增長。

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.

母子公司評級關聯： CNP 與 CEHE 之間存在母子公司關聯。Fitch 在合併基礎上評估 CNP 的 SCP。CEHE 的 SCP 強於 CNP。重點放在子公司作為受監管公用事業的地位上。法律隔離、訪問和控制被認為是相對鬆散的。財務操作由 CNP 集中管理。CEHE 可以進入債務資本市場，參與 CNP 的資金池，並依賴 CNP 進行股權注入。因此，Fitch 將 CEHE 和 CNP 的 IDR 之間的差距限制在兩個等級之內。

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.

低商業風險： CERC 幾乎所有的收益和現金流均來自受監管的天然氣分配業務。在 Fitch 看來，CERC 受益於四個州相對低風險的天然氣公用事業分配業務和信用支持的管轄區費率監管。除了明尼蘇達州外，CERC 僅在已通過立法禁止市政當局禁止天然氣使用的州運營。

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.

平衡的費率監管： Fitch 認為 CERC 四州服務區域內的平衡監管機制對信用是支持的。CERC 的天然氣業務受益於前瞻性測試年度和成本回收機制，包括解耦、天氣標準化和基礎設施投資機制，這些機制促進了在基本費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.

明尼蘇達州費率增加獲批： 在 2025 年 5 月，CERC 收到了明尼蘇達州公共事業委員會（MPUC）批准其費率案例和解的最終命令，授權 2024 年增加 6080 萬美元的費率和 2025 年增加 4270 萬美元的費率。CERC 於 2023 年 11 月提交了該費率案例，尋求在 2024 年增加 8460 萬美元的費率和在 2025 年增加 5180 萬美元的費率，基於 10.3% 的投資回報率、52.5% 的股權比率和前瞻性的 2024 年和 2025 年測試年度。獲批的費率增加分別約佔 CERC 請求增加的 72% 和 82%，在 Fitch 看來，這是一個平衡的、信用支持的結果。

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.

德克薩斯州天然氣結算獲批：惠譽認為德克薩斯州鐵路委員會在 2024 年批准 CERC 的德克薩斯州天然氣分銷基本費率案件和解是一個積極的發展。委員會於 2024 年 6 月批准了該和解。新費率於 2024 年 12 月生效。委員會批准的和解授權基於 9.8% 的授權股本回報率（ROE）和 60.6% 的總資本化股權比例，增加 500 萬美元的基本費率。CERC 於 2023 年 10 月向德克薩斯州鐵路委員會提交了該程序，支持 3700 萬美元（3.1%）的費率增加，基於截至2023年6月30日的歷史測試年度，10.5% 的 ROE 和 60.6% 的股權比例。

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 資產銷售持續進行：2025年3月31日，CNP 完成了對 CERC 在路易斯安那州和密西西比州天然氣地方配送公司的出售，將 CERC 的業務範圍從六個州減少到四個州，實現了 12 億美元的總收益。2025 年 5 月，CNP 宣佈計劃出售其在俄亥俄州的天然氣地方配送業務。如果完成，CERC 的天然氣地方配送業務將縮減至三個州：印第安納州、明尼蘇達州和德克薩斯州。

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.

俄亥俄州基本費率案件：在 2024 年第四季度，俄亥俄州的 Vectren Energy Delivery, LLC（以 CenterPoint Energy Ohio（CEOH）名義運營）向俄亥俄公共事業委員會（PUCO）提交了基本費率申請，支持 1 億美元（32%）的費率增加，基於 10.4% 的 ROE 和 54.1% 的資本股權成分。2025 年 7 月，CEOH 與程序中的干預者達成了一項非一致性和解協議。如果該和解按原文件獲得批准，年收入將增加約 5960 萬美元。預計 PUCO 在該費率案件中的最終裁定將在 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.

信用指標：FFO 槓桿率從 2021 年冬季風暴 Uri 後的高點 6 倍顯著改善。惠譽預計 2025 年的 FFO 槓桿率為 3.6 倍，2026 年和 2027 年均改善至 3.3 倍。2024 年的 FFO 槓桿率為 4.0 倍。從 CERC 在 2021 年和 2022 年的高點約 6 倍的 FFO 槓桿率的改善反映了用於資助與風暴相關的額外燃料和其他成本的增量債務的負面影響，以及隨後在費率中恢復這些成本。CERC 在 2025 年和 2026 年的 FFO 槓桿率預測支持其'A-'/穩定的 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.

母子公司評級關聯：CNP 與 CERC 之間存在母子公司關聯。惠譽在合併基礎上確定 CNP 的 SCP。惠譽認為 CERC 的 SCP 強於其母公司。重點放在 CERC 的受監管公用事業運營上。由於費率監管提供的一般保護，法律隔離被認為是鬆散的，惠譽也認為訪問和控制是鬆散的。基於這些考慮，惠譽將 CERC 和 CNP 的 IDR 之間的差距限制在最多兩個等級。

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 與同行 NiSource Inc.（NiSource；BBB/穩定）和 Sempra（BBB+/穩定）相比，處於良好位置。按 EBITDA 計算，CNP 小於 Sempra 而大於 NiSource。CNP、NiSource 和 Sempra 的 2024 年 EBITDA 分別為 30 億美元、25 億美元和 52 億美元。CNP 和 NiSource 都是多州公用事業公司，在多個司法管轄區內運營天然氣和電力公用事業。CNP 在四個州提供天然氣和電力服務，而 NiSource 的公用事業業務覆蓋六個州。

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 在加利福尼亞州運營天然氣分銷和電力公用事業，在德克薩斯州擁有電力傳輸和分配公用事業，並在非公用事業能源領域有重大投資。CNP 的 EBITDA 中超過 95% 來自受監管的公用事業。受監管的公用事業幾乎提供了 NiSource 合併 EBITDA 的全部，約 80% 的 Sempra 的 EBITDA 來自受監管的業務。惠譽預計 CNP 的 FFO 槓桿率在 2025 年和 2026 年為 5.4 倍，低於更高評級的 Sempra 在 2025 年的 4.9 倍和 2026 年的 4.1 倍，但高於 NiSource 在 2025 年至 2027 年期間的 FFO 槓桿率 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/穩定）和 Oncor Electric Delivery Company LLC（BBB+/負面）。這三家公司都是純電力傳輸和分配公用事業，在德克薩斯州運營，並且有大型投資計劃，專注於增強公用事業系統的可靠性和韌性。CEHE 在 2024 年受到風暴活動的顯著影響，並且近年來頻繁發生災難性風暴活動。

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.

惠譽預計這三家公用事業的高投資預期，加上相對較低的 ROE 和股權比例，將對其信用指標施加壓力。CEHE 的 FFO 槓桿率在 2024 年為 5.2 倍，略高於其降級敏感度 5.0 倍，預計將在 2025 年改善至 5.3 倍，並在 2026 年和 2027 年改善至 5.0 倍。同樣，惠譽預計 Oncor 的 FFO 槓桿率將在預測期內高於其 5.0 倍的降級敏感度。低評級的 AEP Texas 的 FFO 槓桿率預計在預測期內將超過 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.

惠譽認為 CERC、NiSource Inc.（BBB/穩定）和 The Peoples Gas Light and Coke Company（PGL；A-/穩定）的運營風險特徵相似，但略低於 Southern Company Gas（GAS；BBB+/穩定）。CERC 和 NiSource 是受監管的公用事業控股公司，幾乎沒有非監管業務的風險。CERC 的天然氣分銷業務受益於地理多樣化和支持性的費率監管，類似於 NiSource 和 GAS 的受監管業務。

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 的非公用事業業務佔合併 EBITDA 的約 5%，而 NiSource 沒有有意義的非監管業務。GAS 在非監管業務方面有一些風險，主要通過其天然氣批發、零售和管道投資。PGL 是一家單州公用事業，在伊利諾伊州部分地區提供天然氣公用事業服務，沒有非監管業務。惠譽預計 PGL 的 FFO 槓桿率在 2025 年至 2027 年期間平均為 3.3 倍，與 CERC 預計的 2025-2027 年平均 FFO 槓桿率 3.4 倍相當。

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.

與 CERC 不同，NiSource 是一家綜合電力和天然氣公用事業公司。NiSource 的電力公用事業運營面臨煤炭發電風險，並正在逐步退出煤炭發電。惠譽估計，從信用角度來看，CERC 的信用指標比 NiSource 和 GAS 更強。我們預計 CERC 的 FFO 槓桿在 2025 年至 2027 年期間平均為 3.4 倍，而 NiSource 在同一時間段的平均為 5.5 倍至 5.8 倍，GAS 的平均約為 5.0 倍。

Fitch’s Key Rating-Case Assumptions

惠譽的關鍵評級案例假設

--Continued supportive rate regulation;

--持續支持的費率監管；

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

--納入 CNP 在印第安納州、明尼蘇達州和德克薩斯州天然氣 LDC 費率案件及其德克薩斯州電力基本費率案件的監管決策影響；

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

--CNP 的天然氣 LDC 公用事業平台年客户增長平均約為 1%，CEHE 為 2%；

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

--為期 10 年的資本計劃為 650 億美元；

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

--在 2026 年 CEHE 預期的 TCOS 和分配成本回收機制申請中平衡結果；

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

--通過證券化和其他費率回收機制幾乎完全回收風暴成本；

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

--CEHE 在 2026 年第一季度發行約 11 億美元的證券化債券。

RATING SENSITIVITIES

評級敏感性

CenterPoint Energy, Inc .

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

可能導致負面評級行動/降級的因素（單獨或共同）

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

--FFO 槓桿持續高於 6.0 倍；

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

--CNP 監管環境的重大、意外惡化。

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

可能導致正面評級行動/升級的因素（單獨或共同）

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

--FFO 槓桿持續低於 5.0 倍，並且持續支持的費率監管。

CenterPoint Energy Houston Electric, LLC

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

可能導致負面評級行動/降級的因素（單獨或共同）

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

--FFO 槓桿持續高於 5.0 倍；

--Sustained deterioration in the regulatory compact in Texas.

--德克薩斯州監管協議的持續惡化。

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

可能導致正面評級行動/升級的因素（單獨或共同）

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

--FFO 槓桿持續低於 4.0 倍。

CenterPoint Energy Resources Corp .

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

可能導致負面評級行動/降級的因素（單獨或共同）

--A downgrade at CNP;

--CNP 的降級；

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

--CERC 服務區域內費率監管的重大惡化；

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

--FFO 槓桿持續高於 4.8 倍。

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

可能導致正面評級行動/升級的因素（單獨或共同）

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

--FFO 槓桿持續低於 3.8 倍；

--Continued credit supportive jurisdictional rate regulation.

--持續支持信用的管轄費率監管。

Liquidity and Debt Structure

流動性和債務結構

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.

在合併基礎上，CNP 及其子公司可獲得高達 40 億美元的信貸額度，包括母公司的 24 億美元額度。CNP 子公司 CERC、CEHE 和 SIGECO 通過單獨的信貸額度，分別可借入約 11 億美元、3 億美元和 2.5 億美元。這些信貸額度將於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 及其子公司的信貸額度可用借款能力約為 34 億美元，主要反映 CNP 發行的約 2500 萬美元的商業票據和 CERC 的 5.5 億美元。CERC 和 CEHE 參與 CNP 的資金池，進行短期借款和投資。截至2025年9月30日，CNP 賬面上的現金及現金等價物為 3700 萬美元。

Issuer Profile

發行人簡介

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業控股公司，戰略上專注於其核心公用事業運營，近年來已退出中游和其他非監管業務的投資。

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

作為評級的關鍵驅動因素引用的實質性重要來源的參考信息，分析中使用的主要信息來源在適用標準中進行了描述。點擊此處訪問惠譽最新的季度全球企業部門預測監測數據文件，該文件匯總了用於我們信用分析的關鍵數據點。惠譽的宏觀經濟預測、商品價格假設、違約率預測、部門關鍵績效指標和部門級預測等數據項均包含在內。ESG 考慮因素

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 信用相關性的最高級別為 '3'，除非在本節中另有披露。得分為 '3' 意味着 ESG 問題對實體的信用影響中性或僅對其信用影響微乎其微，無論是由於其性質還是實體管理方式。惠譽的 ESG 相關性評分不是評級過程中的輸入；它們是對 ESG 因素在評級決策中相關性和重要性的觀察。有關惠譽 ESG 相關性評分的更多信息，請訪問 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.; 長期發行人違約評級；確認；BBB；評級展望穩定

; Short Term Issuer Default Rating; Affirmed; F2

; 短期發行人違約評級；確認；F2

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

----高級無擔保；長期評級；確認；BBB

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

----次級無擔保；長期評級；確認；BB+

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

----高級擔保；長期評級；確認；A

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

----高級無擔保；短期評級；確認；F2

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

----高級擔保；未增強的長期評級；確認；A

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

CenterPoint Energy Resources Corp.; 長期發行人違約評級；確認；A-；評級展望穩定

; Short Term Issuer Default Rating; Affirmed; F2

; 短期發行人違約評級；確認；F2

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

----高級無擔保；長期評級；確認；A-

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

----高級無擔保；短期評級；確認；F2

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

CenterPoint Energy Houston Electric, LLC; 長期發行人違約評級；確認；BBB+；評級展望穩定

; Short Term Issuer Default Rating; Affirmed; F2

; 短期發行人違約評級；確認；F2

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

----高級擔保；長期評級；確認；A

Contacts:

聯繫方式：

Primary Rating Analyst

主要評級分析師

Philip Smyth, CFA

Senior Director

高級總監

+1 212 908 0531

philip.smyth@fitchratings.com

Fitch Ratings, Inc.

惠譽評級公司

33 Whitehall Street

New York, NY 10004

紐約，NY 10004

Secondary Rating Analyst

次要評級分析師

Shalini Mahajan, CFA

Managing Director

董事總經理

+1 212 908 0351

shalini.mahajan@fitchratings.com

Committee Chairperson

委員會主席

Michael Ruggirello, CFA

Senior Director

高級總監

+1 647 933 0261

michael.ruggirello@fitchratings.com

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

媒體關係：Eleis Brennan，紐約，電話：+1 646 582 3666，電子郵件：eleis.brennan@thefitchgroup.com

Additional information is available on www.fitchratings.com

更多信息請訪問 www.fitchratings.com

Applicable Model

適用模型

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

括號中的數字與適用模型相關，包含指向提供模型描述的標準的超鏈接。

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

企業監測與預測模型（COMFORT 模型），v8.2.0 (1,2)

ADDITIONAL DISCLOSURES

附加披露

Dodd-Frank Rating Information Disclosure Form

多德 - 弗蘭克評級信息披露表

Solicitation Status

徵求狀態

Additional Disclosures For Unsolicited Credit Ratings

針對非自願信用評級的附加披露

Endorsement Status

認可狀態

Endorsement Policy

認可政策

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, THE FOLLOWING HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT DETAILS FITCH'S RATING DEFINITIONS FOR EACH RATING SCALE AND RATING CATEGORIES, INCLUDING DEFINITIONS RELATING TO DEFAULT. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE OR ANCILLARY SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF PERMISSIBLE SERVICE(S) FOR WHICH THE LEAD ANALYST IS BASED IN AN ESMA- OR FCA-REGISTERED FITCH RATINGS COMPANY (OR BRANCH OF SUCH A COMPANY) OR ANCILLARY SERVICE(S) CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH RATINGS WEBSITE.

所有 FITCH 信用評級均受某些限制和免責聲明的約束。請通過以下鏈接閲讀這些限制和免責聲明：HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS。此外，以下 HTTPS://WWW.FITCHRATINGS.COM/RATING-DEFINITIONS-DOCUMENT 詳細説明了 FITCH 對每個評級等級和評級類別的評級定義，包括與違約相關的定義。已發佈的評級、標準和方法論可隨時從此網站獲取。FITCH 的行為準則、保密性、利益衝突、附屬防火牆、合規性及其他相關政策和程序也可在本網站的行為準則部分找到。董事和股東的相關利益可在 HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY 找到。FITCH 可能已向被評級實體或其相關第三方提供其他允許的服務或附屬服務。有關主要分析師所在的 ESMA 或 FCA 註冊的 FITCH 評級公司（或該公司分支機構）提供的允許服務或附屬服務的詳細信息，可以在 FITCH 評級網站上該發行人的實體摘要頁面找到。

Copyright © 2022 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuing and maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed.

版權 © 2022 Fitch Ratings, Inc.、Fitch Ratings Ltd.及其子公司。地址：33 Whitehall Street, NY, NY 10004。電話：1-800-753-4824, (212) 908-0500。傳真：(212) 480-4435。未經許可，禁止全部或部分複製或轉發。保留所有權利。在發佈和維持其評級以及製作其他報告（包括預測信息）時，Fitch 依賴於其從發行人和承銷商以及 Fitch 認為可信的其他來源獲得的事實信息。Fitch 根據其評級方法對其依賴的事實信息進行合理調查，並在可用的情況下，從獨立來源獲得該信息的合理驗證。Fitch 的事實調查方式和所獲得的第三方驗證範圍將根據被評級證券及其發行人的性質、被評級證券在提供和銷售的司法管轄區的要求和慣例、相關公共信息的可用性、對發行人及其顧問的管理層的訪問、現有第三方驗證（如審計報告、約定程序函、評估、精算報告、工程報告、法律意見書及其他第三方提供的報告）的可用性、與特定證券或發行人特定司法管轄區相關的獨立且合格的第三方驗證來源的可用性以及其他各種因素而有所不同。Fitch 的評級和報告的用户應理解，增強的事實調查或任何第三方驗證都無法確保 Fitch 在評級或報告中依賴的所有信息都是準確和完整的。最終，發行人及其顧問對其提供給 Fitch 和市場的提供文件及其他報告中的信息的準確性負責。在發佈其評級和報告時，Fitch 必須依賴專家的工作，包括與財務報表相關的獨立審計師和與法律及税務事務相關的律師。此外，財務和其他信息的評級和預測本質上是前瞻性的，包含對未來事件的假設和預測，這些假設和預測本質上無法作為事實進行驗證。因此，儘管對當前事實進行了任何驗證，評級和預測仍可能受到在評級或預測發佈或確認時未預見的未來事件或條件的影響。

The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

本報告中的信息是 “按原樣” 提供的，不附帶任何形式的陳述或保證，Fitch 不保證該報告或其任何內容將滿足報告接收者的任何要求。Fitch 評級是對證券信用 worthiness 的意見。Fitch 的這一意見和報告基於 Fitch 持續評估和更新的既定標準和方法。因此，評級和報告是 Fitch 的集體工作成果，沒有任何個人或個人羣體對某一評級或報告單獨負責。該評級不涉及因信用風險以外的風險導致的損失風險，除非特別提及此類風險。Fitch 不參與任何證券的提供或銷售。所有 Fitch 報告均為共享作者。報告中提到的個人參與了報告中所述的意見，但並不單獨對其負責。這些個人僅為聯繫目的而被列出。提供 Fitch 評級的報告既不是招股説明書，也不是發行人及其代理人在與證券銷售相關的過程中向投資者彙編、驗證和呈現的信息的替代品。評級可能會在任何時候因 Fitch 的單獨裁量而更改或撤回。Fitch 不提供任何形式的投資建議。評級不是購買、出售或持有任何證券的推薦。評級不對市場價格的適當性、任何證券對特定投資者的適用性或與任何證券相關的支付的免税性質或應税性進行評論。Fitch 從發行人、保險人、擔保人、其他債務人和承銷商那裏收取評級證券的費用。這些費用通常在每個發行中從 1,000 美元到 750,000 美元（或適用貨幣等值）不等。在某些情況下，Fitch 將對特定發行人發行的所有或部分發行，或由特定保險人或擔保人承保或擔保的發行，收取單一年度費用。這些費用預計在 10,000 美元到 1,500,000 美元（或適用貨幣等值）之間變化。Fitch 對評級的分配、發佈或傳播不構成 Fitch 同意在與根據美國證券法、英國 2000 年金融服務與市場法或任何特定司法管轄區的證券法提交的註冊聲明相關的情況下使用其名稱作為專家。由於電子出版和分發的相對高效，Fitch 研究可能比印刷訂閲者早多達三天提供給電子訂閲者。

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

僅適用於澳大利亞、新西蘭、台灣和韓國：Fitch Australia Pty Ltd 持有澳大利亞金融服務許可證（AFS 許可證編號 337123），授權其僅向批發客户提供信用評級。Fitch 發佈的信用評級信息不打算被根據 2001 年公司法定義的零售客户使用。

Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the “NRSRO”). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other credit rating subsidiaries are not listed on Form NRSRO (the “non-NRSROs”) and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.

Fitch Ratings, Inc.在美國證券交易委員會註冊為國家認可的統計評級組織（“NRSRO”）。雖然某些 NRSRO 的信用評級子公司在 NRSRO 表格的第 3 項中列出，因此被授權代表 NRSRO 發佈信用評級（見 https://www.fitchratings.com/site/regulatory），但其他信用評級子公司未在 NRSRO 表格中列出（“非 NRSRO”），因此這些子公司發佈的信用評級並不是代表 NRSRO 發佈的。然而，非 NRSRO 人員可能參與確定由 NRSRO 或代表 NRSRO 發佈的信用評級。

惠譽確認中點能源及其子公司的評級，並將休斯頓電力的展望調整為穩定