Fitch rates Ameren Illinois notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Ameren Illinois Co.'s new $400 million issue of 2.7% senior secured notes due Sept. 1, 2022.

The outlook is positive.

The new notes will rank equally with the company's existing senior secured obligations.

The proceeds will be used to provide funding required to complete the company's previously announced cash tender offer to repurchase its outstanding 9.75% senior secured notes and 6.25% senior secured notes, both due in 2018.

The company also expects to use net proceeds from the issuance to redeem all or a portion of 5.50% $51 million of debt maturing in 2014.

The ratings and positive rating outlook reflect a strong and improving credit profile with credit metrics that have generally trended upward over the past three years, Fitch said.

The agency said it expects this trend to continue over the forecast period.

© 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.