Fitch rates Atlantic City Electric bonds A-

Fitch Ratings said it assigned an A- rating to Atlantic City Electric Co.'s $350 million offering of first-mortgage bonds.

The rating is the same as Fitch’s on Atlantic City Electric’s other first-mortgage bonds.

A portion of the proceeds will be used to refinance at maturity the $200 million outstanding of the 4.35% first mortgage bonds due April 1, 2021. The remainder will be used to repay short-term borrowings and for general corporate purposes.

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