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Fitch rates PECO bonds A
Fitch Ratings said it assigned an A rating to the new $350 million 2.375% first and refunding mortgage bonds due Sept. 15, 2022 issued by PECO Energy Co.
The outlook is stable.
Proceeds will be used to refund $225 million 4.75% first mortgage bonds due Oct. 1, 2012 and for general corporate purposes.
PECO Energy's leverage, interest coverage and cash flow measures are expected to weaken moderately over the next several years, but remain strong relative to the company's peer group of distribution utilities, the agency said.
Over the next several years, debt to EBITDA is expected to range between 2.75 times and 3.0x.
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