The credit rating agency cited BHE's position as one of the largest and most diversified power and utility portfolios in the US as a key factor supporting its credit profile. The company's ownership by Berkshire Hathaway, Inc. (NYSE:BRK.A), which requires no dividends from BHE, enables it to maintain strong retained cash flow (RCF) to debt ratios of 16% to 17%, among the highest for regulated utility holding companies. BHE's diverse energy holdings include the largest gas transport and storage network in the East, integrated utility operations across Western states, the primary transmission network for Alberta, Canada, two distribution network operators in the United Kingdom (TADAWUL: 4280 ), and a renewable energy business with long-term contracts. The company's RCF to debt ratios were 15.3% in 2023 and 15.9% in 2024 on a fully-adjusted basis, slightly below Moody's downgrade guideline of 16%.