Regulated electric and gas utilities and power companies have not been immune to the devastatingly rapid consequences of negative market sentiment. The rated U.S. regulated utility and merchant power companies' total debt outstanding is $505 billion. As of June 30, 2008, these companies' balance sheets contained an aggregate of more than $31 billion of cash and short-term investments. Nevertheless, according to a report by Standard and Poor's titled "The U.S. Utility and Power Sector Appears Well Positioned to Manage Refinancing Requirements," most, if not all, power companies should be able to refinance pending maturities despite the unsettled state of the credit market.
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