Fitch rates Con Edison debentures A-

Fitch Ratings said it assigned an A- rating to Consolidated Edison Co. of New York, Inc.'s issuance of $640 million senior unsecured floating-rate debentures due June 25, 2021.

The outlook is stable.

The new debentures will rank pari passu with the company’s existing senior unsecured obligations, the agency said.

Net proceeds will be used for general corporate purposes, including the repayment of short-term debt, and to subsequently fund the redemption of four series of tax-exempt debt.

Fitch said the company’s ratings reflect the predictable cash flows of its regulated electric and gas delivery businesses, which benefit from full and timely recovery of fuel and commodity costs.

Various regulatory mechanisms support its long-term financial stability, including revenue decoupling, forward-looking test years, and trackers for large operating expenses, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.