Cramer likes three utilities amid debt disaster

|By:, SA News Editor

Jim Cramer touts three dividend yielding utilities as the strongest bounceback candidates in the event of a U.S. default.

Dominion's (D +0.2%) strong core utility business allows for the continued increase in dividends, Cramer says, and an MLP spinoff will bring in lots of cash.

ConEdison (ED +1.5%) is a stock Cramer believes is somewhat insulated from the D.C. debacle simply because it services the New York metro area.

He likes Southern Company's (SO +1.4%) "long-term history of paying the dividend through the toughest times imaginable... they get the sanctity of the dividend better than just about any other utility."

Separately, New York Gov. Cuomo calls on the state's Public Service Commission to reject ED’s request for a rate hike next year.

Utilities are generally higher today as investors avoid riskier bets amid shutdown and default nervousness.