S&P affirms Consolidated Edison

S&P said it affirmed the ratings on Consolidated Edison, Inc. and its subsidiaries, Consolidated Edison Co. of New York and Orange and Rockland Utilities, Inc.

The outlook is stable.

The affirmation follows Con Edison's announcement that it has agreed to acquire 981 megawatts of renewable energy assets from a subsidiary of Sempra Energy for about $1.54 billion, plus assumed debt of about $576 million that is project-financed, S&P said.

The acquisition financing is expected to be funded with a mix of debt and equity.

S&P said the affirmation reflects a view that the clear majority of Con Edison's business mix will continue to mostly reflect low-risk regulated transmission and distribution utility operations.

The agency said the affirmation also reflects expectations that the growth of the company's renewable energy business will be measured and balanced with new investments in regulated operations.

© 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.