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Fitch rates Empire bonds BBB+
Fitch Ratings said it assigned a rating of BBB+ to Empire District Electric Co.'s $100 million 4.65% first mortgage bonds due June 2020. The new bonds rank equally with the company's other secured debt.
The outlook is stable.
The proceeds will be used to redeem trust preferred securities, which are expected to be redeemed on or prior to June 30, Fitch said, and to repay short-term debt incurred to fund the repayment at maturity of its 6½% first mortgage bonds due April 2010.
The ratings take into consideration the anticipated 2010 completion of the utility's five-year $840 million baseload capital expenditure program, Fitch said.
The stable outlook assumes the company will receive timely and adequate regulatory recovery of newly completed investments, which received regulatory assurances for timing, need and technology from the Missouri Public Service Commission, the agency said.
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