Fitch rates Iberdrola debt BBB

Fitch Ratings said it downgraded the issuer default rating for Iberdrola USA, Inc. to BBB from BBB+ and concurrently assigned a senior unsecured debt rating of BBB.

In addition, Fitch said it affirmed the issuer default ratings for subsidiary companies New York State Electric & Gas Corp., Rochester Gas & Electric Corp. and Central Maine Power Co.

Short-term issuer default ratings of F2 were assigned to New York State Electric & Gas and Central Maine Power. A short-term issuer default rating of F3 was assigned to Rochester Gas & Electric. The outlooks for all issuers are stable.

The agency said the downgrade reflects Fitch's view of Iberdrola USA's stand-alone credit quality, whereas the prior rating received a one-notch uplift from its ownership by Iberdrola, SA. Fitch said it no longer believes the ratings uplift to be warranted.

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