Fitch downgrades Scana, SCE&G

Fitch Ratings said it downgraded the long-term issuer default ratings of South Carolina Electric & Gas Co. (SCE&G) and its parent Scana Corp. by one notch to BBB- and BB+, respectively.

The agency also downgraded the ratings of Public Service Co. of North Carolina (PSNC) by one notch, to BBB-, given the rating linkage with its parent, Scana.

Concurrently, the short-term issuer default ratings of SCE&G, PSNC and South Carolina Fuel Co. were downgraded to F3 from F2 while the short-term issuer default rating of Scana was downgraded to B from F3.

“The downgrade reflects the intense legislative and regulatory scrutiny of the abandoned units 2 and 3 of the V.C. Summer nuclear plant and recent comments by the South Carolina Attorney General that question the constitutionality of the Baseload Review Act (BLRA),” Fitch said in a news release.

© 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.