| Roy Fraser | ||||||
Debt and equity investors have grown up with the notion that utilities are an ideal haven for cash in a crisis. The strategy won’t necessarily make you rich, but it’s unlikely to make you poorer because, the argument runs, you can always depend on a utility to generate dependable if unexciting returns.
It’s time for a new disaster plan. “The concept of utilities as strong companies with a secure credit profile is rapidly disappearing,” says Paul Lund, associate director at credit-rating agency Standard&Poor’s.
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