CenterPoint Energy

Credit profile is investment grade (Moody’s Baa2, S&P BBB; S&P outlook recently revised to stable) with FFO/debt guided to remain above downgrade thresholds (about 12 percent), aided by securitization and a planned mix of debt, modest equity and asset recycling.

However, structural negative free cash flow from heavy capex persists; for the nine months ended Sep 30, 2025, operating cash flow was about 1.7 billion dollars against 3.4 billion in capex, and the trailing four quarters of free cash flow are meaningfully negative. Net debt sits in the low‑20 billions range on an EV basis.

Storms remain a liquidity and reputational risk, though approved system restoration securitizations and settlements reduce near‑term pressure.