Fitch gives New York State Electric notes A-

Fitch Ratings said it assigned an A- rating to New York State Electric & Gas Corp.'s $300 million senior notes.

The notes mature in 2049 and rank pari passu with the company’s other senior unsecured obligations.

Net proceeds will be used to pay down short-term debt and for general corporate purposes.

The long-term issuer default rating is BBB+ and the outlook is stable.

“NYSEG's financial metrics should remain supportive of the ratings, with a modest revenue increase provided by the multiyear rate plan,” the agency said in a news release.

Fitch said it expects adjusted debt/EBITDAR and funds from operations-adjusted leverage to average 3.6x-3.9x and 3.7x-4.2x, respectively, through 2021.

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