Fitch upgrades Scana

Fitch Ratings said it upgraded the long-term issuer default ratings of South Carolina Electric and Gas Co. to BBB from BB+ and its parent, Scana Corp. to BBB- from BB.

Fitch also said it upgraded the ratings of Public Service Co. of North Carolina to BBB from BB+ given its rating linkage with parent Scana.

The ratings on all three companies were removed from Rating Watch evolving and assigned positive rating outlooks.

The upgrades follow a directive by South Carolina Public Service Commission, supporting Scana's merger with Dominion Energy, Inc. and the joint companies' proposed rate plan, Fitch said.

The agency said it expects South Carolina Electric's credit metrics to return to levels commensurate with BBB-rated utilities, the agency said.

Fitch said it expects to resolve the positive outlook upon demonstration of an improved South Carolina regulatory relationship.

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