Fitch rates Cecony issuance A-

Fitch Ratings said it assigned an A- rating to Consolidated Edison Co. of New York, Inc.'s (Cecony) dual-tranche issuance of $500 million 4% senior debentures due Dec. 1, 2028 and $600 million 4.65% senior debentures due Dec. 1, 2048.

The outlook is stable.

The new senior unsecured debentures will rank pari passu with Cecony's existing senior unsecured obligations.

The proceeds will be used to redeem at maturity $600 million 7.125% senior unsecured debentures series 2008 C and for other general corporate purposes, including the repayment of short-term debt bearing interest at variable rates, Fitch explained.

The 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, the agency said.

Various regulatory mechanisms support Cecony's long-term financial stability, including revenue decoupling, forward looking test years and trackers for large operating expenses, Fitch said.

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